Charlotte Russe to close remaining stores, 'going out of business' sale begins

Nearly a month after Charlotte Russe filed for Chapter 11 bankruptcy, the retailer announced it will go out of business - effective immediately.

According to the Wall Street Journal, the business was unable to find a buyer ahead of a deadline set by lenders. On Wednesday evening, Charlotte Russe posted an online notice on its website, "Going out of business. Sale starts March 7. All stores. All sales final."

Charlotte Russe operates 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 e-commerce site.

According to a press release from February 19, the retrailer said, "In the event that a going-concern transaction is not selected as the highest or otherwise best bid following the conclusion of the auction, the Company will facilitate an orderly wind-down of all of its store locations and operations beginning on or about March 7, 2019."

This story is developing. Check back for updates.