Charlotte Russe Holdings and its subsidiaries have filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

The company plans to close 94 stores and will pursue a concern sale of the business and its assets.

Charlotte Russe is also reporting that it has received a debtor-in-possession commitment for the maximum amount of $50 million, pending court approval. Charlotte Russe and Peek stores and their online platforms are still operating business during the proceeding.

Elsewhere, Hennes & Mauritz, best known as H&M, is set to close approximately 160 stores, including 50 in Europe.

The Swedish fashion giant announced the move as part of a planned store optimization that includes rebuilds, reorganizations and adjustments in individual markets.

The company has plans to net 175 new stores around the world, with 355 new store openings that will include H&M and its other brands COS, & Other Stories, Monki, Weekday and Arket in key growth markets.