Charming Charlie closing all of its stores

Galtero Lara
Julio 12, 2019

Charming Charlie filed for Chapter 11 bankruptcy Thursday with plans to close all of its 261 stores in 38 states, according to a US today report.

The company has 261 stores across the United States, with four in metro Detroit, located in Clinton Township, Westland, Novi and Brighton.

Founded in 2004, Charming Charlie was known for arranging its merchandise by color, with its array including as many as 26 hues.

Charming Charlie closed about 100 stores during a previous bankruptcy filing that ended in April 2018, USA Today reports.

The company estimated having about $19.8 million in gift cards outstanding, and expects roughly $7.8 million of that to be redeemed.

This is the second time the retailer has filed for chapter 11 bankruptcy in the last two years.

More news: Major shuffle at NASA in rush to meet Trump´s moon deadline

Charming Charlie's announcement adds to what has been a disastrous year for retail operations in the United States. The stores are generally located in malls, street-level shops and outlets.

"These efforts simply were not sufficient to stabilize" the business and "ensure long-term profitability", according to the filing.

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.

The store sells products including clothing, handbags, jewelry and accessories.

Otros informes por

Discuta este artículo