Charlotte Russe to close all stores, liquidation sales start

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Wilmington, Del. (WIFR) -- Popular clothing chain Charlotte Russe will close all of its stores after a judge Wednesday approved the sale of the company's assets.

USA TODAY reports the women's fashion company is working to sell its intellectual property and is "optimistic about the future of the brand," according to a statement. The statement also says the company remains in "ongoing negotiations with a buyer who has expressed interest in a continued brick and mortar presence."

The mall chain based in San Diego filed for Chapter 11 bankruptcy protection last month and previously said it would close 94 stores.

Court documents state the liquidation sales must begin no later than March 7 and end by Apr. 30.

This announcement follows similar retailer financial woes, including Victoria's Secret, Payless ShoeSource and Gymboree.