Clothing retailer Charlotte Russe is going out of business

Jeannie Matthews
March 8, 2019

The company announced in February it began the process of Chapter 11 bankruptcy.

It appears a deal has not been made for a buyer to take over the company's assets at this time, so a liquidation sale is now underway.

Charlotte Russe operates stores in Springfield, Branson, Osage Beach, Joplin, Rogers and Fayetteville.

A spokesperson for the retailer confirmed it plans to liquidate.

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Women's fashion retailer Charlotte Russe will close all its stores, including one in the Lehigh Valley, a month after filing for Chapter 11 bankruptcy protection. Upstate New York stores that will close include locations at Destiny USA in Syracuse, Salmon Run in Watertown, Greece Ridge in Rochester, Oakdale in Johnson City, Crossgates in Albany, Arnot in Horseheads, and Walden Galleria in Buffalo.

Liquidation sales are beginning immediately with heavily discounted prices at all stores, AP reports. The company also established Peek Kids in 2016, specializing in children's clothing.

About 8,700 employees work for the chain, which was founded in 1975. But a downturn in sales postponed the IPO plans indefinitely. That's what happened with USA operations of Toys "R" Us a year ago. Once considered a retail stalwart, Toys "R" Us shuttered operations previous year after filing for bankruptcy.

This announcement follows similar retailer financial woes, including Victoria's Secret, Payless ShoeSource and Gymboree.

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