Charlotte Russe gets final approval to conduct store-closing sales

By Caroline Salls

Pittsburgh, March 6 – Charlotte Russe Holdings Corp. obtained final court approval to conduct store-closing sales, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Charlotte Russe said it plans to use the bankruptcy proceedings “to facilitate an orderly wind-down of a group of approximately 94 of its store locations, while continuing to pursue a going-concern sale of the business and assets.”

A contractual joint venture comprised of Gordon Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC is conducting the going-out-of-business sales at the closing stores. The sales are expected to run from March 7 through April 30.

As consultant, the joint venture will earn a base fee equal to 0.75% of gross proceeds. It may also earn an incentive fee of up to 0.25% based on gross recovery percentage.

Charlotte Russe is a San Diego-based women's apparel company. The company filed bankruptcy on Feb. 3 under Chapter 11 case number 19-10210.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.