<p><span style="font-weight: 400;">Whew chile, things aren’t looking too good for stores that were once mall staples.</span></p>
<p><span style="font-weight: 400;">Like #CharlotteRusse for example, which filed for #Chapter11Bankruptcy today. Company officials announced plans to close 94 stores, according to @<a href="https://www.cnn.com/2019/02/04/investing/charlotte-russe-bankruptcy-retail/index.html">CNN.</a></span></p>
<p><span style="font-weight: 400;">Charlotte Russe is the latest mall-based retailer to file for bankruptcy protection, joining a list that includes #Gymboree, #Claires and #MattressFirm. In a court filing today, Charlotte Russe, which operates 500 stores in malls around the country, said it &#8220;suffered from a dramatic decrease in sales and in-store traffic&#8221; and struggled with &#8220;the burden of maintaining a large brick-and-mortar presence.&#8221;</span></p>
<p><span style="font-weight: 400;">Hoping to not go the way of stores such as #LimitedToo and #WetSeal (RIP), Charlotte Russe plans to emerge from bankruptcy with a new owner and a lighter balance sheet.</span></p>
<p><span style="font-weight: 400;">Officials secured $50 million from lenders to continue running about 400 Charlotte Russe and Peek Children&#8217;s stores, as well as its website, during the bankruptcy.</span></p>
<p><span style="font-weight: 400;">So why is Charlotte Russe in this position? Officials attribute the bankruptcy to poor sales and too much debt.</span></p>
<p><span style="font-weight: 400;">In 2009, private equity firm Advent International bought Charlotte Russe in a $380 million cash-for-stock deal. Last year, Charlotte Russe reached a deal to reduce its debt from $214 million to $90 million but despite the deal, Charlotte Russe&#8217;s sales plunged from $928 million in 2017 to $795 million in 2018.</span></p>
<p><span style="font-weight: 400;">The company said its marketing strategies &#8220;failed to connect&#8221; with teens and young adults and &#8220;outpace the rapidly evolving fashion trends.&#8221; Charlotte Russe also &#8220;shifted too far towards fashion basics&#8221; and away from trendy clothes, which the company said prevented it from growing its online business.</span></p>
<p><span style="font-weight: 400;">In an effort to turn things around, the company, plans to save money by closing stores, go back to its &#8220;on-trend, fast-fashion model,&#8221; and develop more content for online and social media to engage core shoppers.</span></p>
<p><span style="font-weight: 400;">#Roommates, are you checking for a Charlotte Russe comeback? Let us know!</span></p>
<p><span style="font-weight: 400;">TSR STAFF: Christina C! @cdelafresh</span></p>
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