WASHINGTON (dpa-AFX) - Jewelry and accessories retailer Charming Charlie Holdings filed for bankruptcy protection again, and plans to shutter all remaining 261 stores. The decision could affect its more than 3,000 full and part-time employees.
The privately held fashion retailer filed for its second Chapter 11 protection in Delaware. The liquidation is expected to take about two months, and the stores in 38 states are expected to close on or before August 31.
Charming Charlie, founded in 2004 by Charles Chanaratsopon, sells jewelry and accessories including handbags, gifts and other items. By late 2017, the company had grown to more than 390 stores.
However, in December 2017, the company had filed for bankruptcy that ended in April 2018, in which it had closed about 100 stores. With the process, the company cut debts and slashed other costs.
According to its latest bankruptcy filing, those initial bankruptcy efforts were not sufficient to stabilize the business and attain profitability.
Majority of retail stores are going through tough times amid changing consumer habits as well ever-increasing online competition from industry majors such as Amazon and Walmart.
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