Charlotte Russe files for bankruptcy and will close nearly 100 stores

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New York (CNN Business)Charlotte Russe has actually declared Chapter 11 personal bankruptcy and prepares to close 94 shops, the business revealed Monday.

In a court filing Monday, Charlotte Russe, which runs 500 shops in shopping malls around the nation, stated it “experienced a remarkable reduction in sales and in-store traffic” and battled with “the concern of preserving a big brick-and-mortar existence.”
The business wishes to emerge from insolvency with a brand-new owner and a lighter balance sheet. It protected $50 million from loan providers to continue running about 400 Charlotte Russe and Peek Children’s shops, along with its site, throughout the insolvency.

    Fast-fashion merchants should rapidly react to the most recent influencers, designs, and patterns to remain ahead. Charlotte Russe confessed it missed out on the mark.
    The business stated its marketing methods “stopped working to link” with teenagers and young people and “outmatch the quickly progressing style patterns.”
    It likewise “moved too far towards style essentials” and far from fashionable clothing, which the business stated avoided it from growing its online service.
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