AP NEWS

Charlotte Russe stores in Stamford, Trumbull, Danbury set to close

March 7, 2019

STAMFORD — Young-women’s clothing retailer Charlotte Russe is set to close its stores at the Stamford Town Center, Danbury Fair and Westfield Trumbull malls, after confirming Wednesday that it would go out of business.

The decision to shut down all of its approximately 500 brick-and-mortar stores and its online shop, while also pursuing the sale of its intellectual property, comes one month after the San Diego-based company filed for Chapter 11 bankruptcy protection. Last month, it announced an initial round of closures affecting 94 locations, including closures in Milford, Meriden and Ledyard.

“Our online store has closed. Going out of business. sale starts March 7. All stores. All sales final,” reads the announcement on the Charlotte Russe website.

Stamford Town Center is grappling with a number of bankruptcy-linked closings. The Walking Co. closed Feb. 10, while Gymboree and Payless ShoeSource are holding liquidation sales.

Several other chains have also left the mall since the beginning of the year.

J. Crew and Armani Exchange went dark on Jan. 27, Ann Taylor shut down on Feb. 23 and a Cellairis cellphone repair-and-accessory store stopped operating on Feb. 17.

A message left Thursday for Stamford Town Center was not immediately returned.

Bloomfield Hills, Mich.-based Taubman Centers owns the Stamford mall and 19 other major U.S. shopping centers.

“It’s true that bankruptcies create vacancies,” Robert Taubman, the CEO, president and chairman of Taubman Centers, said on a Feb. 14 call with investment analysts. “But in high-quality real estate, they also create the opportunity to improve the merchandising of a center.”

The firm reported 2018 revenues of about $640 million, up 2 percent from 2017.

Taubman also saw annual increases in several categories — including a 9 percent rise in tenant sales per square foot and a 4 percent uptick in rent per square foot.

pschott@scni.com; 203-964-2236; twitter: @paulschott