Charlotte Russe Closing Newport Beach Store

NEWPORT BEACH, CA – Only a month after filing for bankruptcy, the women's clothing company Charlotte Russe has decided to shutter all of its stores – including the Newport Beach location and 47 other locations in California. The company's intellectual property and rights to its leases will be sold separately.

More than 400 stores are closing nationwide and going-out-of-business sales will begin immediately, according to liquidator SB360 Capital Partners LLC. About $160 million in Inventory will be sold through the Charlotte Russe stores. And savvy buyers could see deeply discounted prices on products including tops, bottoms, jeans, jackets, dresses, shoes and accessories. Those with a gift card must use them by March 21.

"Charlotte Russe established itself over the last four decades as a fashion destination for young women," said Aaron Miller, executive vice president of SB360. "A sale of this magnitude will bring never-seen-before values to a broad selection of today's best fashion trends."

The company, which was founded in 1975, told media outlets in a statement Wednesday it is partnering with a buyer who has expressed interest in keeping physical "brick and mortar" stores.

A federal bankruptcy judge in Delaware signed off on a deal to sell the company's assets to a liquidator, media outlets reported. Charlotte Russe says liquidation sales begin Thursday and all sales are final. The online store has been closed.

The latest announcement comes after the retailer filed for Chapter 11 bankruptcy protection in early February. Charlotte Russe has about 500 stores across the U.S.

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The company also controls Peek, a children's clothing store. Charlotte Russe is just the latest major retailer to fall in the industry, following major closure announcements by Sears and children's clothing retailer Gymboree, as retail stores face increasing pressure from e-commerce giant Amazon.

Here are the Charlotte Russe stores in CA:

• Viejas Outlets, Alpine
• Valley Plaza Mall, Bakersfield
• Brea Mall, Brea
• Burbank Town Center, Burbank
• Camarillo Outlets, Camarillo
• Topanga, Canoga Park
• The Shoppes at Carlsbad, Carlsbad
• Chula Vista Center*, Chula Vista
• Otay Ranch Town Center, Chula Vista
• Sunvalley Shopping Center, Concord
• Dos Lagos, The Shops at Corona
• Stonewood Center, Downey
• Parkway, El Cajon
• Imperial Valley, El Centro
• North County Fair, Escondido
• Palladio at Broadstone, Folsom
• Fresno Fashion Fair, Fresno
• Gilroy Premium Outlets, Gilroy
• Glendale Galleria, Glendale
• Lakewood Center, Lakewood
• San Francisco Premium Outlets, Livermore
• Vintage Faire Mall, Modesto
• Montebello Town Center, Montebello
• Moreno Valley Mall, Moreno Valley
• Plaza Bonita, National City
• NewPark Mall, Newark
• PEEK KIDS in Fashion Island, Newport Beach
• Northridge Fashion Ctr, Northridge
• Ontario Mills Mall, Ontario
• Palm Desert, Palm Desert
• Galleria at Tyler, Riverside
• Galleria at Roseville, Roseville
• Arden Fair, Sacramento
• Shops at Tanforan, San Bruno
• Mission Valley, San Diego
• PEEK KIDS in San Francisco, San Francisco
• Eastridge, San Jose
• PEEK KIDS in Santa Monica, Santa Monica
• Santa Rosa Plaza, Santa Rosa
• Weberstown Mall, Stockton
• Temecula, Promenade in Temecula
• Del Amo Fashion Center, Torrance
• West Valley Mall, Tracy
• Vacaville Premium Outlets, Vacaville
• Pacific View, Ventura
• The Mall at Victor Valley, Victorville
• Visalia Mall, Visalia
• West Covina, West Covina

Click here for a full list of stores across the nation.

Patch national staffer Dan Hampton contributed to this report.