SB360 to Conduct Going Out of Business Sales at All 416 Charlotte Russe Stores
SAN FRANCISCO, California – March 7, 2019 – After 44 years, fast-fashion retailer Charlotte Russe is going out of business and closing all of the company’s remaining 416 store locations. A U.S. Bankruptcy Court judge in Delaware approved an order naming SB360 Capital Partners (www.sb360.com) as agent for the liquidation. Inventory valued at approximately $160,000,000 will be sold through the Charlotte Russe stores. The company’s intellectual property and rights to its leases will be sold separately.
Going Out of Business Sales start immediately in all stores across 44 states and Puerto Rico. Merchandise currently in the stores plus additional product from the distribution center and product originally designated to support the ecommerce platform, will be sold at discounted prices. The entire store will be on sale with deep discounts off the lowest ticketed prices. Tops, bottoms, jeans, jackets, dresses, shoes, and accessories are highly desirable categories for the brand’s customers, and the Going Out of Business Sale is expected to wrap up quickly. Gift cards can be redeemed until March 21, 2019.
Aaron Miller, Executive Vice President of SB360, said “Charlotte Russe established itself over the last four decades as a fashion destination for young women. A sale of this magnitude will bring never-seen-before values to a broad selection of today’s best fashion trends.”
“For the loyal Charlotte Russe shopper as well as all young women across the country, these deals are not to be missed.” said Ziggy Schaffer, Executive Vice President of SB360. “On-trend fashion offered at liquidation discounts off already affordable prices will sell incredibly fast.”
California-based Charlotte Russe was founded in 1975. Known as a shopping destination for young women seeking trendy apparel, shoes and accessories, sales at Charlotte Russe reached their peak in 2016 at $986 Million.
Additional information regarding Charlotte Russe’s Chapter 11 filing and information about the claims process is available at www.donlinrecano.com/charlotterusse or by calling the Company’s claims agent, Donlin Recano, at (877) 864-4836 or submitting an inquiry via e-mail to: [email protected].
About SB360 Capital Partners, LLC: SB360 Capital Partners (www.sb360.com), a Schottenstein Affiliate, helps businesses manage change, restructure assets, and turn around dwindling profitability. SB360 makes equity investments to infuse capital for growth opportunities, fund turnarounds, and provide liquidity to businesses experiencing change. SB360 acquires assets of all types including inventory, fixed assets, intellectual property, real estate, and complete business units. The firm’s asset disposition services range from providing guaranteed asset value recovery to acting as a liquidation consultant. Additionally, SB360 has entities engaged in real estate advisory, commercial real estate investment, and the operation of the SBC Logistics Asset Recovery Center in Columbus. A lending affiliate, Second Avenue Capital Partners, provides asset-based loans for middle market companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations.
About Charlotte Russe: Charlotte Russe is a fashion brand for young women, offering affordable on-trend apparel, shoes and accessories for all sizes, with a fun and engaging shopping experience wherever and whenever she wants. Prior to the commencement of Chapter 11 proceedings, Charlotte Russe operated in the contiguous 48 states, Hawaii and Puerto Rico through their online store and mobile app, as well as over 500 brick-and-mortar stores located primarily in malls and outlet centers. In 2016, the Company expanded to include Peek Kids, operating 10 stores and an ecommerce site. For more information, please visit http://www.CharlotteRusse.com and on Instagram @CharlotteRusse and @Peekkids.