According to the San Diego-based company, they are asking for court approval for a team that could help oversee its possible liquidation. As of now, they are taking potential bids for the store until March 3. Two days later, they will have an auction.
Charlotte Russe Possibly Closing Their Downs For Good
In a statement, Charlotte Russe was saying that it is possible for there not be a winner when it comes to buying the franchise. If there is no highest bidder, they will begin closing all of their store location and operation starting around March 7, 2019.
The company first filed for bankruptcy protection at the beginning of the month. They play on closing around 94 of their locations.
Charlotte Russe may be the next major retailer to close if they don’t find a buyer. Stores such as Toys R Us and Bon-Ton had to shut down there doors after they weren’t able to recoup enough funds to stay open. Most stores say they doors were closing after the rise of big box stores such as Amazon and Walmart.
However, Toys R Us may be coming back. Toys R Us and Babies R Us are in the process of merging within Tu Kids Brands. Bon-Ton is in the process of making a come back as well. The announcement that Charlotte Russe was about to renegotiate their terms. The terms were over some off there debts. The information came in almost two years ago. Once they were done filing for bankruptcy, they were able to receive a $50 million package to keep the business up and running.
Over 8,700 people are working for the company.