Charlotte Russe closing stores, liquidation sales start Thursday

Charlotte Russe closing stores, liquidation sales start Thursday

Charlotte Russe closing stores, liquidation sales start Thursday

The company has more than 8,700 employees, USA Today reported.

Store liquidation sales are expected to begin immediately ("no later than March 7") and end by April 30.

A retailer with several stores in the Ozarks announces it's closing.

The abrupt announcement came a day after struggling big-box discounters Family Dollar said it was closing 390 stores, but didn't make a list available of which sites.

Charlotte Russe has a store in the Empire Mall in Sioux Falls.

The company has more than 500 stores in the USA with more than 8,700 employees. The company also established Peek Kids in 2016, specializing in children's clothing.

Charlotte Russe's 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. It was acquired in 2009 by private equity firm Advent International for $380 million.

The deal left it with $175 million of debt that was due in 2014. Once considered a retail stalwart, Toys "R" Us shuttered operations a year ago after filing for bankruptcy.

Going-out-of-business sales started Thursday at the stores. That's what happened with United States operations of Toys "R" Us a year ago. Payless ShoeSource and clothing retailer Gymboree both have followed that path to recent months.

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