Charlotte Russe Closing All Stores, Illinois Locations

ILLINOIS — Only a month after filing for bankruptcy, the women's clothing company Charlotte Russe, which has nearly 30 stores in the Chicago area, has decided to shutter all of its stores. The company’s intellectual property and rights to its leases will be sold separately.

More than 400 stores are closing nationwide and going-out-of-business sales will begin immediately, according to liquidator SB360 Capital Partners LLC. About $160 million in Inventory will be sold through the Charlotte Russe stores. And savvy buyers could see deeply discounted prices on products including tops, bottoms, jeans, jackets, dresses, shoes and accessories. Those with a gift card must use them by March 21.

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“Charlotte Russe established itself over the last four decades as a fashion destination for young women,” said Aaron Miller, executive vice president of SB360. “A sale of this magnitude will bring never-seen-before values to a broad selection of today’s best fashion trends.”

The chain filed for bankruptcy and announced nearly 100 closings in February, including six in the Chicago area.

Remaining Charlotte Russe stores in the Chicago area, according to the company's store locator, include locations at the Promenade Bolingbrook, the Fox Valley Mall, Chicago Ridge Mall, Ford City Mall, Orland Square Mall, North Riverside, Woodfield mall, Harlem Irving Plaza, Spring Hill Mall, Algonquin Commons, Gurnee and more.

The company, which was founded in 1975, told media outlets in a statement Wednesday it is partnering with a buyer who has expressed interest in keeping physical “brick and mortar” stores.

A federal bankruptcy judge in Delaware signed off on a deal to sell the company’s assets to a liquidator, media outlets reported. Charlotte Russe says liquidation sales begin Thursday and all sales are final. The online store has been closed.

The latest announcement comes after the retailer filed for Chapter 11 bankruptcy protection in early February. Charlotte Russe has about 500 stores across the U.S.

The company also controls Peek, a children’s clothing store. Charlotte Russe is just the latest major retailer to fall in the industry, following major closure announcements by Sears and children's clothing retailer Gymboree, as retail stores face increasing pressure from e-commerce giant Amazon.

Click here for a full list of stores.

Patch national staffer Dan Hampton contributed to this report.