Charlotte Russe Files for Bankruptcy – 4 Stores Closing in MI
The female clothing retailer, Charlotte Russe announced on Monday that they have filed for Chapter 11 bankruptcy and plan on closing 94 out of their 500 stores in the U.S.
The company is hoping to find a new owner that will help prevent them from closing permanently. CNN Money says they experienced a major loss in sales in 2018.
Charlotte Russe's sales plunged from $928 million in 2017 to $795 million last year.
Between that, and already having debt, forced them to bankruptcy. In the meantime, they have a $50 million loan from investors to keep operating its physical and online stores. Charlotte Russe plans on targeting their demographic again by focusing on fast-fashion trends as opposed to "basics." They also plan on having a more active social media presence.
The 4 locations in Michigan that will close are:
- Fairlane Town Center, Dearborn
- Tanger Outlets, Howell
- Meridian Mall, Okemos
- Fashion Square Mall, Saginaw
Don't worry West Michigan, you'll still be able to find your just-the-right-amount-of-skanky outfit at Rivertown and Woodland Mall. The company has not yet announced when closures will begin.
Charlotte Russe is a fashion brand that targets females in their teens and young 20's with affordable prices, and can usually be found at your local mall.