Another private equity-backed retailer has filed for bankruptcy.
Women's apparel company Charlotte Russe on Sunday filed for Chapter 11 bankruptcy protection and said it planned to shut about 94 stores.
Charlotte Russe said in a press release Monday morning that it was continuing to pursue a sale of its business after having received a commitment of $50 million in debtor-in-possession financing. During court proceedings, it said it will continue to operate its website and keep open other Charlotte Russe and Peek Kids locations. It has more than 500 shops operating across the U.S.
The company added it will provide additional information about closing sales and the addresses of the stores set to shut "in the near term."