SAN FRANCISCO, March 29, 2019 /PRNewswire/ -- Charlotte Russe Holdings Corporation together with its subsidiaries (the "Company" or "Charlotte Russe") today announced that it has successfully sold the Charlotte Russe brand and related intellectual property to YM Inc. (Sales), one of North America's largest fashion houses dedicated to delivering leading-edge fashion apparel at affordable prices.
"We are very excited Charlotte Russe will be joining the portfolio of brands at YM. This acquisition marries a beloved brand with a sophisticated retail platform and provides Charlotte Russe a path to grow in the future. We thank our loyal customers and employees for sticking by us through the past several months," said Dayna Quanbeck, interim CEO of Charlotte Russe.
"Charlotte Russe is an iconic retailer and we could not be more excited to have them join the YM Group. We believe that this acquisition aligns well with our growth strategies and will further strengthen our mission to exceed customer expectations by delivering fast fashion at amazing value," said Eric Grundy, CEO of YM Inc.
Additional information regarding Charlotte Russe's Chapter 11 filing and information about the claims process is available at www.donlinrecano.com/charlotterusse or by calling the Company's claims agent, Donlin Recano, at (877) 864-4836 or submitting an inquiry via e-mail to: [email protected].
Cooley LLP and Bayard P.A. are serving as the Company's legal counsel, Berkeley Research Group is serving as its financial advisor, and Guggenheim Securities, LLC is serving as its investment banker.
About Charlotte Russe
Charlotte Russe is a fashion brand for young women, offering affordable on-trend apparel, shoes and accessories for all sizes, with a fun and engaging shopping experience wherever and whenever she wants. For more information, please visit http://www.CharlotteRusse.com and on Instagram @CharlotteRusse.
About YM Inc.
At YM Inc., we love fashion and believe that everyone should have access to clothing they love to wear. We make it our mission to not only provide the latest styles and trends, but to make them attainable and affordable. Our obsession for fashion shows in everything we do. Across all our brands, we provide value for today's trends for kids, teens and adults. By developing the best shopping experiences and offering the best retail brands and prices, we are well positioned to continue our success, now and in the future. To find out more, please visit www.ym-inc.com
Forward Looking Statements
This press release contains or may contain forward-looking statements, including statements relating to Charlotte Russe's strategic initiatives. Forward-looking statements typically are identified by use of terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," or "anticipate" or similar expressions, although some forward-looking statements are expressed differently. These forward-looking statements are subject to significant risks, uncertainties, contingencies and other factors that may change at any time, and, therefore, Charlotte Russe's actual results may differ materially from those expressed in any forward-looking statement. Factors that could cause such differences include, but are not limited to: risks related to retail businesses generally; deterioration of general economic conditions; consumer spending patterns, debt levels, and the availability and cost of consumer credit; additional competition from existing and new competitors or changes in the competitive environment; weather conditions that could negatively impact sales; the ability to attract and retain qualified management; the dependence upon relationships with vendors; operational disruptions; unsuccessful marketing initiatives; and changes in, or the failure to successfully implement, key strategies. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date they were made. Charlotte Russe undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, and such forward-looking statements speak only as of the date of this press release.
Jennifer E. Mercer
Donlin Recano Strategic Communications for Charlotte Russe
SOURCE Charlotte Russe Holdings Corporation