Listeners:
Top listeners:
-
play_arrow
Revolution Radio Your home for the best variety of Christian music
-
play_arrow
Heartland Newsfeed Radio Network Heartland Newsfeed Radio Network
-
play_arrow
Heartland Newsfeed Radio Network (Abovecast Backup) Heartland Newsfeed Radio Network
-
play_arrow
Home For The Holidays Radio
-
play_arrow
Akil Watts scores first MLS goal as CITY SC falls to Portland Heartland Newsfeed
Charlotte Russe files for bankruptcy, plans to close 94 stores
SAN DIEGO (UPI) — Women’s clothing store Charlotte Russe announced Monday that it filed for bankruptcy and plans to close nearly 100 stores.
The company filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on Sunday. It plans to close 94 of its 500 stores while it looks for a buyer for the business and its assets.
The company received $50 million from lenders to continue operating its Charlotte Russe and Peek stores, and website through the bankruptcy period.
In a court filing Monday, the company said it “suffered from a dramatic decrease in sales and in-store traffic” and had difficulty maintaining its business underneath “the burden of maintaining a large brick-and-mortar presence,” CNN reported.
Private equity firm Advent International purchased Charlotte Russe in 2009 as part of a $380 million cash-for-stock deal.
The store’s sales fell from $928 million in 2017 to $795 million in 2018, while the company reached a deal to reduce its debt from $214 million to $90 million.
Reporting by Daniel Uria
United Press International is an international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the 20th century.
REVOLUTION RADIO PREVIOUS SONGS
DEADLINES & PUBLICATION INFORMATION
Daily deadlines
News and sports submissions: 11 p.m. Central
Advertising, legals, obituaries: 5 p.m. Central
Monday-Friday deadlines
Other business inquiries: 5 p.m. Central
Publication times
Late breaking news as it happens
Normal publication: 11 p.m. Central daily
Other news: Published as it’s made available
Post comments (0)