Charlotte Russe has filed for Chapter 11 bankruptcy and plans to close 94 stores.
The young women's clothing chain becomes the latest mall-based retailer to file for bankruptcy protection.
Charlotte Russe, which operates 500 stores in malls around the country, said it "suffered from a dramatic decrease in sales and in-store traffic" and struggled with "the burden of maintaining a large brick-and-mortar presence."
The company hopes to emerge from bankruptcy with a new owner and a lighter balance sheet. It secured $50 million from lenders to continue running about 400 Charlotte Russe and Peek Children's stores, as well as its website, during the bankruptcy.
The company said its marketing strategies "failed to connect" with teens and young adults and "outpace the rapidly evolving fashion trends."
As part of its turnaround effort, the company, plans to save money by closing stores, go back to its "on-trend, fast-fashion model," and develop more content for online and social media to engage core shoppers.
There's no guarantee that Charlotte Russe will successfully emerge from bankruptcy.