Charlotte Russe may be known for its trendy teen fashion, but that doesn't mean they're junior league when it comes to doing business.

Private equity firm Advent International Corp. announced that it has finalized its purchase of the retailer.

But fear not Charlotte Russe fans -- the new owner has appointed a pro to lead the way.

Advent's managing director, David Mussafer, reassured investors today with the following statement:

"We believe partnering with our Operating Partner and the former President of Old Navy Jenny Ming will help Charlotte Russe build on its recent progress and grow for the benefit of its customers, employees and other stakeholders."

Advent International isn't the only company making moves in this economy.

This luxury house got creative with its layoffs.