Charlotte Russe may go the way of Toys R Us in March if it can't find buyer

Charisse Jones
Updated
Charlotte Russe, the bankrupt clothing chain, says it will start shutting down operations around March 7 if a buyer doesn't emerge with a winning bid.

Charlotte Russe, the bankrupt women's clothing chain, is talking to potential buyers, but if a winning bid doesn't emerge, it expects to start shutting down its stores and operations in early March.

As it discusses a sale that could keep it in business, the San Diego-based company said Tuesday that it asked for court approval of a team that could oversee its possible liquidation.

A tentative timeline has potential bids being offered by March 3, then an auction would occur two days later.

"In the event that a going-concern transaction is not selected as the highest or otherwise best bid following the conclusion of the auction,'' Charlotte Russe said in a statement, "the company will facilitate an orderly wind-down of all of its store locations and operations beginning on or about March 7, 2019.''

The mall-based chain, which filed for bankruptcy protection this month, said it would shutter 94 of its more than 500 stores.

If Charlotte Russe doesn't find a buyer, it would be the latest major retailer to shut its doors. Toys R Us and Bon-Ton closed down after they were unable to execute comebacks amid a landscape roiled by the rise of Amazon, big box giants such as Walmart and fast fashion favorites such as Zara and H&M.

Toys R Us may get second act: Toys R Us, Babies R Us set to re-emerge within Tru Kids Brands

Charlotte Russe is latest to declare bankruptcy: Charlotte Russe files for Chapter 11 bankruptcy, will close 94 stores

Bon-Ton plots its comeback: Bon-Ton may be on the verge of a comeback after bankrupcty

Charlotte Russe announced a deal to renegotiate the terms around some of its debts more than a year ago. After filing for bankruptcy, the company got a financial package valued at up to $50 million to keep it in business.

The company employs more than 8,700 workers.

Shamrock Shakes are back: McDonald's is ready for St. Patrick's Day with the limited return of Shamrock Shakes

Elon Musk takes to Twitter again: Elon Musk tweets progress of SpaceX rocket landing on "Of course I still love you" dock

Philadelphia says stores can't ban cash: For retailers who say "no cash,'' Philadelphia says no dice: bill bans cards only

This article originally appeared on USA TODAY: Charlotte Russe may go the way of Toys R Us in March if it can't find buyer