Wednesday, February 20, 2019

Charlotte Russe stores still open, but for how long?

Chain Store Age
Charlotte Russe Holdings Corp. is hoping a buyer will emerge but, if not, it is preparing for a possible liquidation — and sooner rather than later.

The bankrupt teen fashion retailer said that it is engaged in “active” discussions with prospective bidders for a sale that would allow it to continue to operate its brick-and-mortar and online platforms. At the same time, Charlotte Russe will simultaneously seek court approval of a “stalking horse” liquidation agreement with a contractual joint venture comprised of Gordon Brothers Retail Partners and Hilco Merchant Resources on February 20, 2019, in compliance with its postpetition financing milestones.. . . more