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S&P lowers Charlotte Russe
S&P said it lowered the issuer credit rating on Charlotte Russe Inc. to D from CCC-.
The agency also said it lowered the rating on the company's $90 million term loan B to D from CCC-. The 3 recovery rating is unchanged, indicating 50% to 70% expected default recovery.
S&P said it expects to withdraw all of the ratings on Charlotte Russe after 30 days.
Charlotte Russe has filed voluntary petitions for reorganization under Ch. 11 of the U.S. Bankruptcy Code.
The company's operating performance continues to dwindle as it struggles to navigate a very challenging environment, the agency said.
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