Women's retailer Charlotte Russe going out of business

Charlotte Russe

Charlotte Russe

Payless ShoeSource was able to emerge from bankruptcy, but recently announced it would still close all USA stores.

When the bankruptcy filing was announced on February 5, the company said it planned to close 100 of its 500 stores.

But those hopes fell apart this week when liquidator SB360 Capital Partners won the auction in bankruptcy court for Charlotte Russe's $160 million worth of inventory, and other assets.

A store that sells clothing for women is closing at Premium Outlets, part of a series of national closures.

Charlotte Russe announced Thursday that it is going out of business.

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Store liquidation sales are expected to begin immediately ("no later than March 7") and end by April 30.

Charlotte Russe's online selling operation has halted.

Charlotte Russe was founded in San Diego in 1975.

Charlotte Russe is going out of business. News about the closing became apparent after the company released a statement to USA Today on Wednesday.

Similar to Toys "R" Us, Charlotte Russe hadn't originally meant to shutter its stores. Payless ShoeSource and clothing retailer Gymboree both have followed that path to recent months.

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