Central New York Retailer Charlotte Russe Files for Bankruptcy, Plan to Close Nearly 100 Stores
Yet another retailer with locations in Central New York has filed for bankruptcy - and is planning on closing nearly 100 of its stores.
Charlotte Russe, which currently has locations in Sangertown Square, Destiny USA, and Great Northern Mall, filed for Chapter 11 bankruptcy protection and says it plans to close 94 of its stores.
In a press release, the company said "Charlotte Russe intends to use these 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."
According to CNBC, "the CEO of Simon Property Group, the biggest mall owner in the U.S., just last week said he expected more private equity-backed retailers to file for bankruptcy this year, though he didn't name any particular companies." CNBC released a map showing which stores are closing - and Sangertown is one of them.