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Most of the company's employees won't be as fortunate, because severance payments are rarely paid in USA bankruptcy cases.

Court documents noted that the sale would end no later than April 30, according to a USA Today report. The Greenbrier Mall location for Charlotte Russe declined to give the contact information for the company's media relations. Other retailers like Family Dollar and Abercrombie & Fitch are closing 800 stores this year.

It had 500 stores at that time in malls around the country. The company in 2016 expanded to include Peek Kids, with 10 of the high-end children's clothing stores continuing to operate in eight states.

Charlotte Russe first opened in San Diego, California in 1975. The company is one of a long line of brick-and-mortar retailers that have struggled and died after being acquired by private equity firms. But a downturn in sales postponed the IPO plans indefinitely.

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But Sheriff Jay Jones said the list of missing people had shrunk from dozens to just seven or eight. He described the damage as "catastrophic", and said he expected the death toll to rise.

Online, the company is advertising its going out of business sale.

Similar to Toys "R" Us, Charlotte Russe hadn't originally meant to shutter its stores.

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