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Charlotte Russe and Peek Kids Brands Sold to Separate Buyers
As apparel retailer Charlotte Russe continues to wind down during the final steps of its bankruptcy proceedings, the company, founded in Southern California, was able to ensure its name and labels will continue on.
Charlotte Russe sold its branding and related intellectual property to YM Inc. in Toronto, and it sold its Peek Kids children’s brand to Mamiye Brothers Inc. in New York.
“We are very excited Charlotte Russe will be joining the portfolio of brands at YM,” Charlotte Russe interim Chief Executive Officer Dayna Quanbeck said in a press release. “This acquisition marries a beloved brand with a sophisticated retail platform and provides Charlotte Russe a path to grow in the future.”
The company released a similar statement regarding the sale of its Peek Kids brand, acquired in 2016 by Charlotte Russe, to Mamiye Brothers. Both transactions were announced on March 29.
“We are grateful to our loyal customers who have stuck with us through the past few months, to our employees, who have set this brand up for an exciting future, and to Mamiye for sharing our passion and vision for our beloved brand,” Quanbeck said in a statement.
Started in the 1940s by four brothers as a textile supplier, Mamiye Brothers has grown into a design, manufacturing and marketing firm for women’s and children’s brands, which include C&C California and Bebe Girls.
“Mamiye has long admired the Peek brand, its unique design aesthetic and exceptional relationship with its consumers,” Mamiye Chief Executive Chuck Mamiye said in a statement. “Just like all kids, Peek Kids is growing and changing, and we look forward to continuing its legacy and staying true to its loyal followers.”
At YM Inc., the company represents young-adult, teen-focused and children’s brands including Urban Planet, Urban Kids, Bluenotes and West 49. After launching teen-clothing brand Stitches in 1975, the company began to acquire additional fashion brands and retailers.
“Charlotte Russe is an iconic retailer, and we could not be more excited to have them join the YM Group,” said Eric Grundy, chief executive of YM Inc., in a press release. “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.”
