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Houston-based specialty retail chain Charming Charlie has filed for Chapter 11 bankruptcy protection as it seeks to restructure and downsize its business.
The retailer, which focuses on fashion jewelry, handbags, apparel and beauty products, will close 97 of its 375 stores in the U.S. After launching in 2004, the chain underwent a growth spurt between 2013 and 2015 when it opened 79 stores.
The company says it has secured $55 million in debtor-in-possession financing commitments to fund continuing operations.
“We are confident that by reducing the size and the scale of our business, we can focus on the core strengths that made the company successful,” said Lana Krauter, interim CEO, in a press release.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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