Charlotte Russe Files Bankruptcy; Will Rockford’s Store Be Saved?
Another day, another mall-based retailer is in jeopardy.
Multiple news outlets broke the news yesterday that retailer Charlotte Russe has filed for bankruptcy protection, and that they will be closing about 100 stores.
In a court filing Monday, Charlotte Russe, which operates 500 stores in malls around the country, said it “suffered from a dramatic decrease in sales and in-store traffic” and struggled with “the burden of maintaining a large brick-and-mortar presence.”
The company hopes to emerge from bankruptcy with a new owner and a lighter balance sheet. It secured $50 million from lenders to continue running about 400 Charlotte Russe and Peek Children’s stores, as well as its website, during the bankruptcy.
Stories like this are crossing our news feeds way too often these days, and sadly, Rockford store locations usually find themselves on the chopping block. Not this time, though...or at least not yet.
CNBC posted a map of Charlotte Russe stores that will closing across the nation, and although there are several dots seen on the state of Illinois, the CherryVale Mall store is NOT on the list. The store locations that will be closing in Illinois are:
- Algonquin Commons in Algonquin, IL
- Lincolnwood in Lincolnwood, IL
- Louis Joliet in Joliet, IL
- Northwoods in Peoria, IL
- Old Orchard in Skokie, IL
- Yorktown Shopping Center in Lombard, IL
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