New York (CNN Business) Charlotte Russe has filed for Chapter 11 bankruptcy and plans to close 94 stores, the company announced Monday.

The young women's clothing chain becomes the latest mall-based retailer to file for bankruptcy protection, and joins a list that includes Gymboree, Claire's , and Mattress Firm

In a court filing Monday, Charlotte Russe, which operates 500 stores in malls around the country, said it "suffered from a dramatic decrease in sales and in-store traffic" and struggled with "the burden of maintaining a large brick-and-mortar presence."

The company hopes to emerge from bankruptcy with a new owner and a lighter balance sheet. It secured $50 million from lenders to continue running about 400 Charlotte Russe and Peek Children's stores, as well as its website, during the bankruptcy.

Poor sales and too much debt hurt the retailer.

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