fstart going out of business sales at all stores as of Thursday The compary will accept gift cards through March 21 and it will close all of its stores by of the end of April Charlotte Russe had 8700 employees at the time of the filing all but 1400 of whom were part- time workers It had stores in every US state except Alaska at the time of its bankruptcy filing It also owned 10 children's clothing stores under the Peek brand which it acquired in 2016 The bankruptcy court also approved a total of $559000 in bonuses for key company executives to Keep them in place during the shutdown process Most of the compary's emploseeswont beras fortamate because severance payments are rarely paid in US bankruptay cases Rolatod Arti Here's the whole story icla Retall layoffs are pling up Charlotte Russe started in San Diego in 1975 It was acquired in 2009 by private equity firm Advent International for $380 million The company is one of a long line of brick and mortar retailers that have struggled and died after being acquired by private equity firms The deal left it with $175 million of debt that was due in 2014 That loan principal grew by $80 million in the subsequent years The compary planned to have an initial public offering that year to pay off much of that loan But a downturn in sales postponed the IPO plans indefinitey Charlotte Russe Clothing Store Closing and Liquidating but the execs who failed get paid Meme

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found ON 2019-03-07 19:42:56 BY awwmemes.com

source: reddit