Charlotte Russe, the popular teen and women’s clothing store, will be closing all of their stores by April 30th, 2019. Charlotte Russe had been teetering on the edge of bankruptcy for awhile. The company had filed for Chapter 11 bankruptcy protection in early February 2019. They said if they did not find a buyer that they would have to liquidate.
On the website, Charlotte Russe has announced, “Our online store has closed, going out of business, sale starts March 7, all stores, all sales final.” The in-store liquidation has begun as of Thursday, March 7th. This will close more than 500 stores. Over 8,700 employees will no longer be employed. You can view all their updated policies since the announcement here.
More and more mall retailers are falling victim to bankruptcy. This is due to the retailers being unable to maintain foot traffic due to the increase of online shopping. In order to avoid more of this happening, business owners must to find ways to keep customers coming into their stores. What is your store doing to stay one step ahead of the looming inevitable?
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