The end is in sight for young women’s apparel retailer — and longtime mall staple — Charlotte Russe.
The final shipments of new spring merchandise are arriving at Charlotte Russe this week as the stores head into the last 10 days of "going out of business" sales. (In a separate transaction, Charlotte Russe is continuing with negotiations to spin off the intellectual property to a new owner.)
The liquidation sale at Charlotte Russe began March 7 in its 416 remaining locations. Sales quickly diminished inventory levels in many stores, and 41 of them have already closed.
Charlotte Russe filed for bankruptcy protection on Feb. 3. Plans to find a buyer who would keep it in business fell through when company was unable to secure an offer before the deadline set by its lenders. On March 6, SB360 Capital Partners was named as the agent for the liquidation.
The new spring merchandise is flowing from the Charlotte Russe distribution center in Ontario, California, as well as from the 3PL which supported the ecommerce business. The wind-down of the company necessitated an expedited distribution of merchandise to clear the facilities and allow all product to be liquidated through the Charlotte Russe stores.
“Charlotte Russe customers will be happy to see this new merchandise roll in,” said Ziggy Schaffer, executive VP of SB360. “It's fresh, trendy, popular product, all at liquidation prices.”