One month after filing for Chapter 11 bankruptcy protection, women's clothing retailer Charlotte Russe will close down all of its stores, a spokesperson for the company confirmed.
The retailer posted Wednesday evening on its website that its online store has closed and that going out of business sales would start Thursday, March 7 at all of its remaining stores.
The company had previously announced in February plans to close 94 of its stores. Charlotte Russe operated more than 500 stores located primarily in malls and outlet centers.
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.