US-based women's apparel firm Charlotte Russe will close all its stores over the next two months. The plan to shut down was approved recently by the bankruptcy court in Delaware after liquidator SB360 Capital Partners won the auction in the bankruptcy court for the firm’s $160 million worth of inventory and other assets. The company didn't want to shut down.

Charlotte Russe had filed for bankruptcy protection a month ago and announced plans to close only 94 of its 512 stores nationwide. It wanted to use the bankruptcy process to do away with debts and sell to a buyer who would keep it in business.

SB360 announced Charlotte Russe will close all its stores by the end of April, according to US media reports.

Charlotte Russe had 8,700 employees and stores in every US state except Alaska at the time of its bankruptcy filing. It also owned 10 children's clothing stores under the Peek brand, which it acquired in 2016.

Started in San Diego in 1975, it was acquired in 2009 by private equity firm Advent International for $380 million. The company is part of a long list of brick-and-mortar retailers that have struggled and died after being acquired by private equity firms. (DS)

Fibre2Fashion News Desk – India

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