Charlotte Russe Holdings is closing its stores, but its brand names will live on.
The bankrupt company, which is in the final stages of liquidation, has sold its brands to two separate companies. Charlotte Russe announced that it sold its namesake brand and related intellectual property to YM Inc., a Toronto-based clothing manufacturer, and retailer that specializes in fast-fashions for young men, women, and kids. YM’s store banners include Urban Planet, Bluenotes, Urban Kids, West 49, Sirens, Suzy and more.
"We are very excited Charlotte Russe will be joining the portfolio of brands at YM,” said Dayna Quanbeck, interim CEO of Charlotte Russe. “This acquisition marries a beloved brand with a sophisticated retail platform and provides Charlotte Russe a path to grow in the future.”
Eric Grundy, CEO of YM, said that Charlotte Russe will contribute to YM's growth ambitions in the fast-fashion, value space.
“We believe that this acquisition aligns well with our growth strategies and will further strengthen our mission to exceed customer expectations by delivering fast-fashion at amazing value," Grundy said.
In addition, Charlotte Russe has sold its Peek Kids brand and related intellectual property to Mamiye Brothers Inc., a designer, manufacturer, and marketer of apparel for women and children. Peek’s remaining nine stores will close in the coming weeks. But Mamiye will continue the brand’s e-commerce and wholesale offerings after a short break, starting again in July 2019.
Peeks Kids was founded in 2006. It was acquired by Charlotte Russe in 2016.
"Mamiye has long admired the Peek brand, its unique design aesthetic and exceptional relationship with its consumers,” said Chuck Mamiye, CEO of Mamiye, which distributes its brands to a wide range of retailers and channels both online and through 13,000 stores worldwide. “Just like all kids, Peek Kids is growing and changing, and we look forward to continuing its legacy and staying true to its loyal followers.”