Charming Charlie files for bankruptcy
Houston-based fashion retailer Charming Charlie has filed for Chapter 11 bankruptcy protection amid underperforming stores. Known for its colorful jewelry and accessories, the chain says it's entered a restructuring support agreement with its term lenders and equity sponsors, which will allow it to close some of its more than 375 stores and overhaul operations.
The chain has not said which stores will close. There are currently 12 in the Houston area. The brand tweeted that its website is open for business and "hundreds of stores across the country are serving customers as usual."
If you have any gift cards or returns, the company also plans to honor those. Charming Charlie was founded in 2004 by Houston native Charlie Chanaratsopon.
In 2016, he was listed on Forbes' list of America's Richest Entrepreneurs Under 40 with a net worth of $450 million. Chanaratsopon stepped down as CEO in the fall.
According to a statement from the CFO, Charming Charlie suffered from slow mall traffic and rising digital sales. It was also hurt by merchandising miscalculations.
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