Charlotte Russe files for bankruptcy, will close stores
Fashion retailer Charlotte Russe filed for Chapter 11 bankruptcy protection with plans to close about 94 stores and seek a sale.
The San Diego-based mall chain had been teetering on the edge of bankruptcy for some time, having announced a deal to renegotiate certain debts more than a year ago.
Sales have plunged in recent years, and the chain plans to completely liquidate if it can't find a buyer by Feb. 17, according to a court filing. The company has more than 8,700 employees.
The bankruptcy marks the latest in a series of similar cases among mall retailers that have been unable to identify a sustainable path amid declining foot traffic and intense digital competitio...