Forever 21 Gets Rampages

SAN DIEGO-Women’s apparel retailer Charlotte Russe has sold 44 of its Rampage stores to Forever 21 for about $14 million. Charlotte Russe plans to dispose of 20 other Rampage units in its portfolio and convert its remaining four into Charlotte Russe stores.

Forever 21 will convert 24 of the Rampages by July 5 and the remaining stores by July 31. Charlotte Russe took $22.5-million charge on Rampage during the quarter ended March. Executives expect the deal to close some time between now and Sept. 30.

Forever 21, based in Los Angeles, made a similar deal last year when it acquired the 243-store Gadzooks chain out of bankruptcy for $33 million in February of last year. The company operates about 350 stores in all under the Forever 21, Gadzooks and Fashion XXI names.