Charming Charlie Announces Bankruptcy, Closing All of Its 260 Stores

consumer
July 12, 2019Jul 12, 2019

Another store bites the dust. Charming Charlie, a retailer known for its color coordinated accessories and clothing, announced that it is closing all the stores, reported PEOPLE.

On Thursday, Charming Charlie Holdings Inc. filed for Chapter 11 bankruptcy. This isn't the first time that they have filed bankruptcy.

They plans to close all of their 260 stores. The chain is located in malls across the U.S.

The company is working to liquidate its assets. They expect that process to take about two months, according to the court filing.

The retailer’s website, which sells a range of jewelry and handbags as well as a selection of women’s clothing, is still up. However, according to reports on Twitter, they cannot take any orders.

The store is certainly in dire circumstances. When they filed for bankruptcy, the brand only had $6,000 cash on hand. They will be left with $82 million in debt.

Charming Charlie's had their first run in with bankruptcy in April 2018. At the time, the company closed about 100 of its stores after its first Chapter 11 filing.

“Today marks a fresh start for Charming Charlie as we emerge as a stronger, more focused organization,” Charming Charlie’s Chief Executive Officer said in a press release last April.

Other women's stores have also filed for bankruptcy. This includes Charlotte Russe, who filed for relief under Chapter 11 and planned to close 94 out of 500 of its brick and mortar locations, and Dressbarn, which announced they will be closing all 650 of its stores.