Charlotte Russe closing remaining stores and going out of business

Charlotte Russe is holding "going out of business" sales as the bankrupt women's apparel seller prepares to close more than 400 stores around the U.S.

A spokesperson for the retailer confirmed it plans to liquidate. Charlotte Russe filed for Chapter 11 bankruptcy protection in February and said it would close 94 stores. The company now plans to shutter its remaining 416 stores in 44 states and Puerto Rico, with $160 million in inventory up for grabs at deeply discounted prices, liquidator SB360 Capital Partners announced Thursday (See here for a full list of store locations.) 

A bankruptcy court on Wednesday approved the sale of the company's merchandise to the liquidation company. Charlotte Russe's intellectual property and rights to its leases will be sold separately.

In addition to merchandise currently in stores, additional tops, bottoms, jeans, jackets, dresses, shoes and other accessories originally intended to be sold online will be brought to stores from Charlotte Russe's distribution center, SB360 said in a news release.

The liquidation sales are expected to wrap up quickly, with gift cards redeemed for two more weeks, or until March 21, 2019.

Founded in 1975 in San Diego, Charlotte Russe was purchased by private equity firm Advent International for $380 million in 2009. The company in 2016 expanded to include Peek Kids, with 10 of the high-end children's clothing stores continuing to operate in eight states.