Charming Charlie to close all stores

14 July, 2019, 03:53 | Author: Regina Silva
  • Fashion jewelry chain Charming Charlie will close all 261 stores in the U.S

On July 11, however, Charming Charlie (via Charming Charlie Holdings Inc.) filed for Chapter 11 protection in DE with plans for going-out-of-business sales at about 261 stores, according to Bloomberg. The clothing and accessories seller on Thursday said it had stopped online sales and expects to conclude its going-out-of-business sales by the end of August.

Charming Charlie is closing up shop. The announcement affects more than 3,000 full- and part-time employees across the country, all of whom could lose their jobs. Charming Charlie began to shine as brightly as its low-priced baubles. Charming Charlie's website is no longer taking orders. That's according to numerous media reports, which state the company filed for Chapter 11 protection in Delaware.

According to Bloomberg, at the time Charming Charlie filed for bankruptcy, it only had $6,000 of cash on hand and it will be left with about $82 million in debt.

In the filing, the company cited facing "significant headwinds given the continued decline of the brick-and-mortar retail industry".

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In its most recent bankruptcy filing, Charming Charlie said that its previous effort at restructuring its operations and debt "were simply not sufficient to stabilize the debtors' businesses and ensure long-term profitability".

It also faced "severe weather events" in the first quarter of 2019 that led to less shoppers in stores, as well as increased tariffs that reduced the company's "already slim margins", according to the filing.

Other retailers have suffered similar fates in the current retail climate.

Michael McGough anchors The Sacramento Bee's breaking news reporting team, covering public safety and other local stories.

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