Women's clothing retailer Charlotte Russe will close 94 stores after filing for Chapter 11 bankruptcy.
The company filed paperwork in court Monday to start the process, saying Charlotte Russe "suffered from a dramatic decrease in sales and in-store traffic" and struggled with "the burden of maintaining a large brick-and-mortar presence," CNN reported.
Company officials are looking for a new owner to operate 400 Charlotte Russe, Peek children's stores and the company's website, according to CNN.
Officials said poor sales and debt hurt the company.
The company was last purchased in 2009 by an equity firm in a $380 million cash for stock deal. It also slashed its debt amount from $214 million to $90 million in 2018. But sales also fell from $928 million in 2017 to $795 million in 2018, CNN reported.
USA Today reported the following stores will be closed:
Alabama
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Room's Studio/Shutterstock
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