Charlotte Russe closes all business following bankruptcy

Charlotte Russe will be closing down all of its stores. The American fast fashion brand, which has been around for 40 years and caters mainly to teens, has been struggling financially for some time.

It had filed for Chapter 11 bankruptcy early last month along with plans to shutter 94 of its stores. The company started the search for a new buyer at the time, but couldn't find any takers.

A judge signed off on the sale of the remaining Charlotte Russe assets to SB360 Capital Partners LLC earlier this week. The brand's 512 stores began liquidation sales today.

The California-based company had been having a hard time reaching its core demographic recently, particularly with the changing retail landscape America and declining mall traffic across the United States.