Charlotte Russe (clothing retailer)


Charlotte Russe is an American clothing retail chain store that operated in the United States, headquartered in San Francisco, California. Fashions in the stores are targeted at women in their teens and twenties. The company owns and operates stores in 45 states., Charlotte Russe operates 560 stores, mostly in malls and shopping centers. It filed for Chapter 11 bankruptcy on February 4, 2019. It was announced on March 7, 2019 that it would be closing all of its remaining stores and would be attempting to sell the brand's intellectual property.
In April 2019 the company under new ownership has announced on its website that it will reopen 100 retail locations. After the company announced it was closing its stores, the brand was sold to Toronto-based YM Inc., according to a press release.

History

Charlotte Russe was founded in 1975 by Daniel Lawrence and his two brothers, all who worked in their family's Brooklyn, New York clothing business. Lawrence and his siblings formed Lawrence Merchandising Corp. in Carlsbad, California. With the first Charlotte Russe storefront in San Diego, California, other locations were established throughout the 1970s and early 1980s.
The company was acquired in 1996 by the investment firm of SKM. The new owners had expansion plans for Charlotte Russe - evolving it into a national chain of shopping mall stores. SKM took Charlotte Russe public in 1999 until Advent International acquired it in 2009. As President and CEO, Jenny Ming led Charlotte Russe into a private holding once again.
On February 4, 2019, Charlotte Russe filed for Chapter 11 bankruptcy and planned to close 94 of its stores, citing a "dramatic decrease in sales and in-store traffic".
On March 7, 2019, Charlotte Russe announced that will close all of its stores over the next two months.
Liquidator SB360 Capital Partners won the auction in bankruptcy court for Charlotte Russe's $160 million worth of inventory, and other assets. Executives were approved an amount of $559,000 in bonuses in order to stay on-board during the shutdown. After the company announced it was closing its stores, the brand was sold to Toronto-based YM Inc., according to a press release.
In April, the company, under new ownership by YM Inc., has announced on its website that it will reopen 100 retail locations. As of June 13, 5 stores have reopened in 5 different states. The company plans to re-open 100 locations including stores in Nevada, Florida, South Carolina, Georgia, Pennsylvania, Michigan, New York, Texas, Rhode Island, New Jersey, and Illinois with more locations coming soon.
By November 22, 2019 the owner claimed to have opened around 135 stores, around 25 per month, with more planned

Important dates