Charlotte Russe to close nearly 100 stores - WSIL-TV 3 Southern Illinois

Charlotte Russe to close nearly 100 stores

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NEW YORK -- Charlotte Russe has filed for Chapter 11 bankruptcy and plans to close 94 stores, the company announced Monday. The only location in our area, in Cape Girardeau, is not on the list of stores to close.

The young women's clothing chain becomes the latest mall-based retailer to file for bankruptcy protection, and joins a list that includes Gymboree, Claire's, and Mattress Firm.

In a court filing Monday, Charlotte Russe, which operates 500 stores in malls around the country, said it "suffered from a dramatic decrease in sales and in-store traffic" and struggled with "the burden of maintaining a large brick-and-mortar presence."

The company hopes to emerge from bankruptcy with a new owner and a lighter balance sheet. It secured $50 million from lenders to continue running about 400 Charlotte Russe and Peek Children's stores, as well as its website, during the bankruptcy.

Poor sales and too much debt hurt the retailer.

In 2009, private equity firm Advent International bought Charlotte Russe in a $380 million cash-for-stock deal.

Last year, Charlotte Russe reached a deal to reduce its debt from $214 million to $90 million. Despite the deal, Charlotte Russe's sales plunged from $928 million in 2017 to $795 million last year.

Fast-fashion retailers must quickly respond to the latest styles, trends, and influencers to stay ahead. But Charlotte Russe admitted it missed the mark.

The company said its marketing strategies "failed to connect" with teens and young adults and "outpace the rapidly evolving fashion trends."

It also "shifted too far towards fashion basics" and away from trendy clothes, which the company said prevented it from growing its online business.

As part of its turnaround effort, the company, plans to save money by closing stores, go back to its "on-trend, fast-fashion model," and develop more content for online and social media to engage core shoppers.

There's no guarantee that Charlotte Russe will successfully emerge from bankruptcy.

Here is the list of stores scheduled to close according to USA Today.

Algonquin: 1952 S. Randall Road
Joliet: 3340 Mall Loop Drive
Lincolnwood: 3333 West Touhy Avenue
Lombard: 203 Yorktown
Peoria: 220 W. War Memorial Drive
Skokie: 4999 Old Orchard Center

Ashland: 500 Winchester Ave.

Kansas City: 7260 NW 86th Place
Lee's Summit: 880 NW Blue Parkway
St. Louis: 85 South County Centerway

Florence: 301 Cox Creek Parkway

Arvin: 5701 Outlets at Tejon Parkway
Culver City: 6000 Sepulveda Blvd.
Daly City: 288 Serramonte Center
Fairfield: 1350 Travis Blvd.
Irvine: 71 Fortune Drive
La Mesa: 5500 Grossmont Center
San Bernardino: 500 Inland Center Drive
San Jose: 925 Blossom Hill Road
Santa Ana: 2800 North Main Place
Valencia: 24201 West Valencia Blvd.
Westminster: 2150 E Westminster Mall

Grand Junction: 2424 US Highway 6
Pueblo: 3429 Dillon Drive

Meriden: 470 Lewis Avenue
Milford: 1201 Boston Post Road
Ledyard: 455 Trolley Line Boulevard

Jacksonville: 4870 Big Island Drive
Port Richey: 9409 US Highway 19
Sarasota: 140 University Town Center Drive
West Palm Beach: 1721 Palm Beach Lakes Boulevard

Commerce: 800 Steven B. Tanger Blvd.
Douglasville: 1440 Douglas Blvd.
Pooler: 200 Tanger Outlet Boulevard

Aiea: 98-1005 Moanalua Road
Kahlului: 275 W. Kaahumanu Ave.
Kaneohe: 46-056 Kamehameha Highway

Hobart: 2063 Southlake Mall
West Des Moines: 1551 Valley West Drive

New Orleans: 500 Port of New Orleans Place
Slidell: 760 Town Center Parkway

Annapolis: 2550 Annapolis Mall
Bel Air: 696 Bel Air Road
Frederick: 5500 Buckeystown Pike
Gaithersburg: 701 Russell Avenue
Hagerstown: 17301 Valley Mall Road
Ocean City: 12741 Ocean Gateway

Cambridge: 100 Cambridgeside Pl.
Kingston: 101 Independence Mall Way

Dearborn: 18900 Michigan Avenue
Howell: 1475 North Burkhart Road
Okemos: 1982 W. Grand Rive Avenue
Saginaw: 4667 Fashion Square Mall

Bloomington: 141 East Broadway
Burnsville: 1178 Burnsville Center

New Jersey
Atlantic City: 122 Christopher Columbus Blvd.
East Brunswick: 755 State Road 18
Moorestown: 400 Route 38

New York
Glendale: 8000 Copper Ave.
Massapequa: 2135 Sunrise Mall
Nanuet: 66 Rockland Plaza Route 59
New Hartford: Route 5 & 5A
New York: 130 W. 34th Street
Niagara Falls: 1982 Military Road
Saratoga Springs: 3065 Route 50
Victor: 672 EastView Mall
Yorktown Heights: 650 Lee Boulevard

North Carolina
Gastonia: 246 New Hope Road

Cincinnati: 7100 Foundry Row
Mentor: 7850 Mentor Avenue
Toledo: 5001 Monroe Street

Eugene: 293 Valley River Center

Altoona: Route 220 & Goods Lane
Pittsburgh: 100 Robinson Centre Drive
Willow Grove: 2500 Moreland Road
York: 2899 Whiteford Road

South Carolina
Florence: 2701 David McLeod Boulevard
Myrtle Beach: 2000 Coastal Grand Circle
North Charleston: 2150 Northwoods Blvd.

Chattanooga: 2100 Hamilton Place Blvd.
Johnson City: 2011 N. Roan Street

Cedar Hill: 305 West FM
Fort Worth: 15853 N. Freeway
New Braunfels: 257 Creekside Crossing
Victoria: 7800 N. Navarro St.
Waco: 6001 West Waco Drive

Dulles: 21100 Dulles Town Circle
McLean: 7860 Tyson's Corner Center
Springfield: 6767 Springfield Mall

Auburn: 1101 Outlet Collection Way

West Virginia
Morgantown: 9500 Mall Road

Brookfield: 95 N. Moorland Road
Glendale: 5800 N. Bayshore Drive
Madison: 375 East Towne Mall

CNN contributed to this report.

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