Charlotte Russe Holdings Announces Sale of Peek Kids Brand and Related Intellectual Property to Mamiye Brothers

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 Peek Kids brand and related intellectual property to Mamiye Brothers Inc., a leading designer, manufacturer and marketer of apparel for women and children.

Mamiye plans to continue to grow the Peek brand by offering the high-quality, whimsical fashion that Peek is known for.  While the remaining 9 stores will be closing in the coming weeks, Mamiye will continue the ecommerce and wholesale offerings after a short break, beginning again in July 2019.

"We are so happy Peek Kids is joining the incredible family of brands at Mamiye Brothers.  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," said Dayna Quanbeck, interim CEO of Charlotte Russe.

"Mamiye has long admired the Peek brand, its unique design aesthetic and exceptional relationship with its consumers.   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," said Chuck Mamiye, CEO of Mamiye.

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: crinfo@donlinrecano.com.

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 Peek Kids 

Peek Kids is a uniquely positioned premium children's brand that embodies the best of West Coast urban sophistication. It stands for values such as inclusion, creativity, and education, which are expressed through high-quality products sold on peekkids.com and better retailers nationwide. Founded in 2006, Peek Kids has been owned and operated by Charlotte Russe Holdings Corporation since 2016.  For updates, please visit http://www.PeekKids.com and on Instagram @Peekkids.

About Mamiye Brothers

Mamiye Brothers is a leading designer, manufacturer and marketer of global lifestyle brands for women's and children's apparel. With a 70 year legacy in the apparel industry, Mamiye has been built on a longstanding commitment to excellence, quality and innovation. It distributes its brands to a wide range of retailers and channels both online and through 13,000 stores worldwide.  For more information, please visit http://www.mamiye.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.

Media Contact:
Jennifer E. Mercer
Donlin Recano Strategic Communications for Charlotte Russe
818-802-5199
jmercer@donlinrecano.com

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SOURCE Charlotte Russe Holdings Corporation