Fashion and jewelry retailer Charming Charlie closing all 261 stores

Fashion jewelry chain Charming Charlie will close all 261 stores in the U.S

Fashion jewelry chain Charming Charlie will close all 261 stores in the U.S

Charming Charlie has filed for bankruptcy for the second time in less than two years and plans to close all of its 261 stores. This move is expected to allow Charming Charlie to "complete the store closing sales in a manner that maximizes recoveries for the debtors' estates and stakeholders", according to a court declaration by the company's chief financial officer, Alvaro Bellon.

Founded in 2004 by Charles Chanaratsopon, Charming Charlie sells jewelry, handbags, apparel, gifts and other items - with a particular emphasis on colorful products. Charming Charlie's website is no longer taking orders.

Charming Charlie had only $6,000 in cash on hand at the time of filing for bankruptcy, according to court documents.

This year, USA retailers have already announced 6,000 store closures.

The filing marks the company's second Chapter 11 case, qualifying as what restructuring industry professionals call a "Chapter 22" bankruptcy.

According to Fortune, the company blamed high lease costs as one of the factors that lead to filing bankruptcy. Hilco Merchant Resources and SB360 Capital partners are handling the liquidation. Toys R Us, facing tough competition from Amazon and several billions of dollars of debt, filed for Chapter 11 reorganization in September of 2017 and liquidated its businesses past year.

The Houston-based women's clothing and accessories store has three Sacramento-area locations, where shoppers can find bargains: at Folsom's Palladio mall; at the Fountains shopping center in Roseville, near the Galleria; and Elk Grove's Laguna Crossroads shopping center, at the corner of Bruceville Road and Laguna Boulevard.

This story was reported from Los Angeles.

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