Charlotte Russe will be closing all of its stores and “going out of business” sales begin Thursday.
Just one month after filing Chapter 11 bankruptcy protection, retailer Charlotte Russe announced on its website that all remaining stores will be closing and that the online store has closed.
The retailer’s website says “Our online store has closed, going out of business, sale starts March 7, all stores, all sales final.”
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The company announced plans to close 94 of its more than 500 stores in February.
The young women’s clothing chain is the latest mall-based retailer to file for bankruptcy protection, and joins a list that includes Gymboree, Claire’s, and Mattress Firm.
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.