CHARLOTTE RUSSE STORES RECEIVING FINAL SHIPMENTS AS STORES WRAP UP GOB SALE
SAN FRANCISCO, California – March 20, 2019 – The final shipments of fresh new spring Charlotte Russe merchandise are arriving in stores this week. As the Charlotte Russe stores head into their last 10 days of a “Going Out of Business” sale, associates are getting the new arrivals processed and pushed directly to the selling floor.
The merchandise is flowing from the Charlotte Russe distribution center in Ontario, California, as well as from the 3PL which supported the ecommerce business. The wind-down of the company necessitated an expedited distribution of merchandise to clear the facilities and allow all product to be liquidated through the Charlotte Russe stores. Fresh new spring arrivals are being discounted at the prevailing store discounts of up to 60% off.
The shipments include products from every Charlotte Russe merchandise classification. Tops, bottoms, dresses, sweaters, jeans, shorts, shoes and accessories are included. Every day this week will bring something new to many of the Charlotte Russe stores.
The Charlotte Russe “Going Out of Business” sale began March 7 in all 416 remaining Charlotte Russe stores. Sales quickly diminished inventory levels in many stores, and 41 of them have already closed. The new shipments this week will give Charlotte Russe customers more of what they want at prices they otherwise would not see.
The actions undertaken the last two weeks to liquidate the Charlotte Russe stores are part of a program overseen by SB360 Capital Partners. SB360 was the successful bidder in a process conducted by Charlotte Russe, and approved by a U.S. Bankruptcy court, to operate the stores during the “Going Out of Business” sale. Upon approval, SB360 quickly implemented a plan allocating all product from distribution facilities into the stores.
Ziggy Schaffer, Executive Vice President of SB360, said, “Charlotte Russe customers will be happy to see this new merchandise roll in. It’s fresh, trendy, popular product, all at liquidation prices.”
“Customers were clearing the racks these last two weeks,” said Aaron Miller, Executive Vice President of SB360. “They’re sad to see Charlotte Russe close and they’re buying everything they can while they still have the opportunity.”
In a separate transaction, Charlotte Russe is continuing with negotiations to spin off the intellectual property to a new owner.
About SB360 Capital Partners, LLC: SB360 Capital Partners (www.sb360.com), a Schottenstein Affiliate, helps businesses manage change, restructure assets, and turn around dwindling profitability. SB360 makes equity investments to infuse capital for growth opportunities, fund turnarounds, and provide liquidity to businesses experiencing change. SB360 acquires assets of all types including inventory, fixed assets, intellectual property, real estate, and complete business units. The firm’s asset disposition services range from providing guaranteed asset value recovery to acting as a liquidation consultant. Additionally, SB360 has entities engaged in real estate advisory, commercial real estate investment, and the operation of the SBC Logistics Asset Recovery Center in Columbus. A lending affiliate, Second Avenue Capital Partners, provides asset-based loans for middle market companies. The principals of SB360 hold extensive commercial interests in national retail and wholesale operations; internationally recognized consumer brands; commercial, residential, and industrial real estate properties; and financial service operations.
About Charlotte Russe: Charlotte Russe is a fashion brand for young women, offering affordable on-trend apparel, shoes and accessories for all sizes, with a fun and engaging shopping experience wherever and whenever she wants. Prior to the commencement of Chapter 11 proceedings, Charlotte Russe operated in the contiguous 48 states, Hawaii and Puerto Rico through their online store and mobile app, as well as over 500 brick-and-mortar stores located primarily in malls and outlet centers. In 2016, the Company expanded to include Peek Kids, operating 10 stores and an ecommerce site. For more information, please visit http://www.CharlotteRusse.com and on Instagram @CharlotteRusse and @Peekkids.