- Source: Charlotte Russe (retailer)
Charlotte Russe Inc. is an American clothing retail chain store that operates in the United States, headquartered in Toronto, Canada. Fashions in the stores are targeted at women in their teens and twenties. As of September 2023, Charlotte Russe operates 196 stores, mostly in malls and shopping centers.
History
Charlotte Russe was founded in 1975 by Daniel Lawrence and his two brothers, all of whom worked in their family's Brooklyn, New York clothing business. Lawrence and his siblings formed Lawrence Merchandising Corp. in Carlsbad, California. With the first Charlotte Russe storefront in San Diego, California, other locations were established throughout the 1970s and early 1980s.
The company was acquired in 1996 by the investment firm SKM (Saunders Karp & Megrue). The new owners had expansion plans for Charlotte Russe - evolving it into a national chain of shopping mall stores. SKM took Charlotte Russe public in 1999 until Advent International acquired it in 2009. As President and CEO, Jenny Ming led Charlotte Russe into a private holding once again.
In 2019, the company announced it was seeking to improve innovation strategies as it sought to compete more closely with a heightened number of emerging retailers such as Shein, Zara, Fashion Nova, and Primark. Around this time most American retailers were facing lighter than average sales with long-term established debt payments holding retailers back from reinvesting enough profits into growth efforts for the time being. In an effort to offload some of its established debt Charlotte Russe sought Chapter 11 bankruptcy protection on February 4, 2019. Two months later in April 2019, the brand had emerged with most of its long-term debt wiped out and was acquired by the Toronto-based retailer YM Inc., according to a press release. Under YM Inc. Charlotte Russe has expanded its retail footprint and caters primarily to the Generation Z demographic.
On November 22, 2019, there were 183 stores with additional planned.
= Important dates
=
1975: Lawrence brothers open first Charlotte Russe store, in Carlsbad, California.
1990: Charlotte Russe moves into Arizona.
1992: Company expands into Nevada.
1994: Clothing manufacturer Rampage Clothing Co. opens its first retail outlet.
1996: Investment firm SKM buys Charlotte Russe.
1997: Company buys Rampage, with 15 stores nationwide.
1999: Charlotte Russe Holding goes public.
2019: Charlotte Russe filed for Chapter 11 bankruptcy
2019: Charlotte Russe is purchased by YM Inc
References
External links
Official website
Bankruptcy website
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