Charlotte Russe Holdings confirms sale of brands

American fashion brand Charlotte Russe Holdings Corporation, which filed for Chapter 11 bankruptcy in February, has confirmed that it has successfully sold the Charlotte Russe brand and related intellectual property to YM Inc., one of North America's largest fashion houses dedicated to delivering leading-edge fashion apparel at affordable prices.

"We are very excited Charlotte Russe will be joining the portfolio of brands at YM. This acquisition marries a beloved brand with a sophisticated retail platform and provides Charlotte Russe a path to grow in the future,” said Dayna Quanbeck, interim chief executive of Charlotte Russe in a statement. “We thank our loyal customers and employees for sticking by us through the past several months.”

Eric Grundy, chief executive of YM Inc., added: "Charlotte Russe is an iconic retailer and we could not be more excited to have them join the YM Group. We believe that this acquisition aligns well with our growth strategies and will further strengthen our mission to exceed customer expectations by delivering fast fashion at amazing value.”

In addition, Charlotte Russe Holdings Corporation also confirmed that it has also sold the Peek Kids brand and related intellectual property to Mamiye Brothers Inc., a leading designer, manufacturer and marketer of apparel for women and children.

In a short statement, Mamiye stated that it plans to continue to grow the Peek brand by offering the high-quality, whimsical fashion that Peek is known for, and while the remaining 9 stores will be closing in the coming weeks, it will continue the e-commerce and wholesale offerings after a short break, beginning again in July 2019.

Chuck Mamiye, chief executive of Mamiye, said: "Mamiye has long admired the Peek brand, its unique design aesthetic and exceptional relationship with its consumers. Just like all kids, Peek Kids is growing and changing, and we look forward to continuing its legacy and staying true to its loyal followers.”

Founded in 2006, Peek Kids, a premium children's brand, has been owned and operated by Charlotte Russe Holdings Corporation since 2016.