As the world becomes more technology-based and many retail sales are starting to take place online, the future of brick and mortar stores is beginning to look quite bleak. New Jersey is no exception as several retail stores have had to shutter their doors because of a significant decrease in customer traffic and sales.
In the most recent example of a retailer having to close their doors, the women’s clothing store Charlotte Russe recently announced their decision to file for bankruptcy. Following in the footsteps of other retailers that are currently in bankruptcy proceedings, Charlotte Russe plans to close all 400 of its stores nationwide. The store was founded in 1975 and has targeted a younger audience of women through its sales of trendy clothing and jewelry.
Liquidation sales have already started and the stores are expected to close permanently once all of the inventory is cleared from the floor. The company which is based in California did not release any further information about their decision to file for bankruptcy and it is currently unknown when proceedings will be finalized.
If a business is struggling to meet its financial obligations, they may be staring bankruptcy straight in the eye. An attorney can be a valuable asset to companies who are preparing to take such drastic measures to correct the financial problems they are experiencing. Legal professionals can inform business leaders about the different types of bankruptcy and provide them with options of what they can consider before any final decisions are made.
Source: roanoke.com, “Business Intel: Roanoke loses Charlotte Russe after retailer bankruptcy,” Tiffany Holland, Mar. 16, 2019
