Charming Charlie Files for Bankruptcy, to Close All of its Stores

MELISSA CAMPANELLI | July 11, 2019

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Fashion accessory retailer Charming Charlie will close all of its stores after going bankrupt for the second time in less than two years. The company filed for Chapter 11 protection in Delaware with plans to close all of its 261 stores in 38 states, according to court documents via Bloomberg News. The chain expects the liquidation to take about two months, and more than 3,000 full- and part-time employees could lose their jobs. Charming Charlie closed about 100 stores during its previous bankruptcy, which began in December 2017 and ended in April 2018. The retailer used that process to cut debts and slash other costs, but "these efforts simply weren't sufficient to stabilize" the business and deliver profits, the company said Thursday in a court filing. Charming Charlie has debt of about $82 million, comprised of an asset-based credit line, a term loan facility and vendor payment credit line, court papers show.

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