A company selling fashion clothes Charlotte Russe filed for protection from bankruptcy and plans to close about 94 out of 500 of its stores. Trading network headquartered in San Diego for some time now teetering on the verge of bankruptcy, when it announced the deal for the revision of certain debts over a year ago.
Charlotte Russe plans to close 94 stores as it files for bankruptcy — here’s the full list https://t.co/NVCS9BZNLV pic.twitter.com/VIHUMAmpZA
— Business Insider MY (@BizInsiderMY) February 4, 2019
Sales have dropped sharply in recent years, and the network plans to liquidate the stores, if you can’t find a buyer for them by February 17. The company employs more than 8, 7 thousand people.
Charlotte Russe sells women’s clothing in 49 States and Puerto Rico. The chief judge of the restructuring Brian Cashman said that in 2018 sales fell 14% to $ 795,5 million the Company suffered from a sharp decline in sales and low attendance at the stores and their merchandising strategy and marketing are unable to adapt to the demographic situation in the country and to stay ahead of rapidly changing fashion trends, which are of fundamental importance for the success of clothing stores.
According to Cashman, Charlotte Russe departed too far from the basics of fashion, are unable to effectively change the strategy of cooperation in the field of online trading and social networking to achieve success and growth and are unable to rationalize the costs associated with the operations in the stores to better balance the necessary investments in e-Commerce.
17 potential buyers have shown interest in the company, but no one made an offer.
Charlotte Russe has stated that they hope to improve their business by shifting the focus on «fast fashion» and improving customer engagement by developing content, which often attracts them online. The company also plans to reduce corporate expenses.
Here are the addresses of some stores that the company is going to close. The full list can be viewed here.
CA
Arvin: 5701 Outlets at Tejon Parkway
Culver City 6000 Sepulveda Blvd.
Daly City: Serramonte Center 288
Fairfield: 1350 Travis Blvd.
Irvine: 71 Fortune Drive
La Mesa: 5500 Grossmont Center
San Bernardino: 500 Inland Center Drive
San Jose: 925 Blossom Hill Road
Santa Ana: Main Place 2800 North
Valencia: 24201 West Valencia Blvd.
Westminster: Westminster Mall 2150 E
FL
Jacksonville: 4870 Big Island Drive
Port Richey: 9409 US Highway 19
Sarasota: 140 University Town Center Drive
West Palm Beach: 1721 Palm Beach Lakes Boulevard
New Jersey
Atlantic City: 122 Christopher Columbus Blvd.
East Brunswick: 755 State Road 18
Moorestown: 400 Route 38
New—York
Glendale: 8000 Copper Ave.
Massapequa: 2135 Sunrise Mall
Nanuet: 66 Rockland Plaza Route 59
New Hartford: Route 5 & 5A
New York: 130 W. 34th Street
Niagara Falls: 1982 Military Road
Saratoga Springs 3065 Route 50
Victor: 672 EastView Mall
Yorktown Heights: 650 Lee Boulevard
South Carolina
Florence: 2701 David McLeod Boulevard
Myrtle Beach 2000 Coastal Grand Circle
North Charleston: 2150 Northwoods Blvd.
Texas
Cedar Hill 305 West FM
Fort Worth: 15853 N. Freeway
New Braunfels: 257 Creekside Crossing
Victoria: 7800 N. Navarro St.
Waco: 6001 West Waco Drive
Washington
Auburn: 1101 Outlet Collection Way
