Charlotte Russe closing all stores; sales underway

CNN/WOIO/GRAY NEWS) One month after Charlotte Russe announced it had filed for Chapter 11 bankruptcy, and its intention to shutter almost 100 stores, the retailer has announced it's going out of business effective immediately.

The store, founded in 1975, announced it would be closing all its stores on Wednesday, March 6. (Source: Charlotte Russe website)

On Wednesday evening, Charlotte Russe posted official notice on its website: "Going out of business sales at all locations start today and all sales are final."

In a statement, the company said its still in negotiations to sell its intellectual property.

"We are partnering with the buyer and remain in talks to sell the IP, are optimistic about the future of the brand, and remain in ongoing negotiations with a buyer who has expressed interest in a continued brick and mortar presence to continue to serve our loyal customers in the future," the statement said.

According to USA TODAY, the company has more than 8,700 employees. Founded in 1975, the retail chain store is headquartered in California and operates stories in 45 states.

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