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Charlotte Russe (retailer)

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For the dessert known as a Charlotte russe, see Charlotte (cake).

Charlotte Russe, Inc.
Company typePrivate
IndustryRetail
Founded1975; 49 years ago (1975) (original)
Carlsbad, California, U.S.
FounderDaniel Lawrence
HeadquartersSan Francisco, California, U.S.[1]
Number of locations
135 (Nov 2019)
Key people
Jenny Ming (President & CEO)
ProductsClothing, footwear, and accessories for women
OwnerYM Inc.
Number of employees
6,500[2]
Websitewww.charlotterusse.com

Charlotte Russe is an American clothing retail chain store that operates in the United States, headquartered in San Francisco, California. Fashions in the stores are targeted at women in their teens and twenties.[3] As of November 2019, Charlotte Russe operates 135 stores, mostly in malls and shopping centers.[4][1]

History

Charlotte Russe store front
Charlotte Russe shoe display

Charlotte Russe was founded in 1975 by Daniel Lawrence and his two brothers, all who 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 of 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.[5][6][7]

It filed for Chapter 11 bankruptcy protection on February 4, 2019. Two months later in April 2019, the brand had emerged from bankruptcy and was also acquired by Toronto-based YM Inc., according to a press release.[8][9] [10][11]

In November 22, 2019 there were 135 stores with additional planned.[12]

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 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

See also

References

  1. ^ a b "About: Charlotte Russe". Archived from the original on July 18, 2015. Retrieved October 1, 2014.
  2. ^ "Charlotte Russe Holding, Inc.: Private Company Information - Bloomberg". Bloomberg.com. Retrieved June 25, 2018.
  3. ^ "Store Locator: Charlotte Russe". Archived from the original on September 30, 2014. Retrieved October 1, 2014.
  4. ^ "Stock:Charlotte Russe Holding (CHIC)". Archived from the original on October 8, 2014. Retrieved October 1, 2014.
  5. ^ "Clothing Firm Charlotte Russe Will Try an IPO On for Size". Los Angeles Times. September 27, 1999. Retrieved October 1, 2014.
  6. ^ Lattman, Peter (August 25, 2009). "Advent to Acquire Charlotte Russe". Wall Street Journal. Retrieved October 1, 2014.
  7. ^ "Charlotte Russe files for bankruptcy". CNN. February 4, 2019. Retrieved February 4, 2019.
  8. ^ Tyko, Kelly; Bomey, Nathan (February 4, 2019). "Charlotte Russe to close 94 stores in bankruptcy: Is your store on the list?". USA TODAY. Retrieved February 5, 2019.
  9. ^ "Charlotte Russe is closing all of its stores and has started liquidation sales". USA TODAY. March 6, 2019. Retrieved March 8, 2019.
  10. ^ "Charlotte Russe will liquidate and close all of its stores". CNN. March 7, 2019. Retrieved March 7, 2019.
  11. ^ "Charlotte Russe Store Locator". Charlotte Russe. Retrieved June 13, 2019.[permanent dead link‍]
  12. ^ "Charlotte Russe rapidly expands store fleet - Retail Dive". Retrieved November 22, 2019.
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