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Gymboree isn’t the only store that's in trouble.
Charlotte Russe, a clothing store aimed at teens and young adults that's often located in malls, has filed for Chapter 11 bankruptcy protection and will close 94 stores, while other Charlotte Russe and Peek Kids' locations will remain in business.
"Charlotte Russe and Peek stores and online platforms are currently open and continuing to serve customers,” the company announced in a press release. "The Company will provide more details about the plans for the closing locations of Charlotte Russe and Peek and their store closing sales in the near term.”
The private equity company Advent Interntional purchased Charlotte Russe back in 2009 for $380 million, although it has faced an upward battle since trying to shed its debt. Founded in 1975, there are currently 500 Charlotte Russe stores.
This news is the latest dagger in the heart of a retail industry that continues to fight for its life against big box stores and online outlets. Stores that once thrived in malls continue to be particularly vulnerable. Just last month, Gymboree announced it was declaring bankruptcy and would shutter its remaining stores, while Claire's also declared bankruptcy in 2018, as did David's Bridal.
Sears, once the model of department stores and long an anchor in malls, filed for bankruptcy last year and announced it will close nearly 200 stores.
That followed the news that Toys "R" Us would close all 735 of its stores after being in business for more than seven decades.