Charlotte Russe Holding, Inc. (“Charlotte Russe”), the women’s fashion retailer filed for Chapter 11 bankruptcy protection in the District of Delaware docket #19-10201. The chain operates more than 500 locations, nationally, and is closing about 90 stores in its initial efforts to reorganize under the Bankruptcy Code.
CNN reports that it secured $50 million for initial bankruptcy funding to continue running about 400 Charlotte Russe and Peek Children’s stores for the next few months.
Court pleadings cite that the company plans to liquidate, if it cannot find a buyer by February 17, 2019.
The filing comes on the heels of last year’s falling sales – $928 million in 2017 to $795 million in 2018.
If you have a Charlotte Russe and Peek Children’s lease in your center, Stark & Stark’s Shopping Center & Retail Development Group can help.
Our bankruptcy attorneys regularly represent landlords throughout the country, including recently in the Eastern District of Missouri, District of New Jersey, Southern District of New York, District of Delaware, District of Minnesota and the Western and Eastern Districts of Pennsylvania regarding a variety of issues.
Our Group has been counsel to landlords and trade creditors in the Mattress Firm, Toys “R” Us, Payless, Eastern Outfitters (EMS Part 2), EMS, Golfsmith, RadioShack, General Wireless (RadioShack 2), Gander Mountain, A&P, Joyce Leslie, rue21, Central Grocers and Sports Authority chapter 11 bankruptcy cases.
For more information on how Stark & Stark can assist you, please contact Thomas Onder, Shareholder, at (609)219-7458 or tonder@stark-stark.com or Joseph Lemkin at (609)791-7022 or jlemkin@stark-stark.com.
from New Jersey Law Blog http://bit.ly/2UGwfVC
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