The accessories chain Charming Charlie has filed for bankruptcy for the second time in less than two years, and will close all 261 of its stores in the United States.
Court documents show the company, which was founded in Houston in 2004, filed for Chapter 11 protection in Delaware, and expects to hold liquidation sales for two months. More than 3,000 jobs are on the chopping block.
Coming out of its first bankruptcy, the company “continued to face challenges that make it impossible for Charming Charlie to continue as a going concern,” CFO Alvaro E. Bellon said in a court filing. Malls aren’t as busy as they used to be, he said, and some low-performing Charming Charlie stores are only open because of lease agreements.
Source:: Business – The Week