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The clothing retailer - popular with teen girls - announced the closure on its website, stating the online store had closed and all physical standing stores would be shuttered.

More than a dozen Charlotte Russe stores dot New Jersey, with locations in popular malls such as The Mills at Jersey Gardens, Newport Centre and Paramus Park. Charlotte Russe also received up to $50 million in debt financing to keep the rest of the business operating as it navigates the liquidation process. A liquidator won the auction for Charlotte Russe inventory and assets valued at approximately $160 million with a DE bankruptcy court approving the plan to close ALL stores yesterday. The plan to shut down was approved Wednesday by the bankruptcy court in Delaware.

In 2009, Charlotte Russe was acquired by private equity firm Advent International for $380 million.

There is now a location at Coral Ridge Mall. The company also employees more than 8,700 people.

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Similar to Toys "R" Us, Charlotte Russe hadn't originally meant to shutter its stores.

Charlotte Russe started in San Diego in 1975.

Retailers often file for bankruptcy with the intention of staying in business, only to end up closing all of their stores during the bankruptcy process.

This announcement follows similar retailer financial woes, including Victoria's Secret, Payless ShoeSource and Gymboree.


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