Charlotte Russe files for bankruptcy
Valencia Town Center store announces closing sales
Close to 100 Charlotte Russe stores will soon shut down, including the Santa Clarita Valley’s only location.
Earlier this week, an employee of the Westfield Valencia Town Center locale said the store will soon close but could not confirm when. By Friday, signs announcing sales and the closure were hung across the storefront.
This comes after the San Diego-based fashion retailer for women filed for bankruptcy Sunday, after incurring millions in debt, according to a news release. Plans include shutting down 94 of its more than 500 stores and putting itself up for sale.
The company said if it fails to find a buyer by Feb. 17, it will plan to fully liquidate Charlotte Russe, which has more than 8,700 employees.
The next closest Charlotte Russe to the Santa Clarita Valley is at the Northridge Fashion Center in the San Fernando Valley.
The young women’s fashion company joins a list of other recent chains that have filed for bankruptcy, including Gymboree, Mattress Firm and Claire’s.
The U.S. retail sector finished 2018 with a new record for store closures in square footage. Companies declared vacating a total of 145 million square feet of space by the end of last year, which surpassed the 105 million square feet of space for 2017, according to data from research group CoStar.