Tags: charming charlie | bankruptcy | chapter 11

Charming Charlie Bankruptcy: Jewelry Chain Files for Chapter 11

Image: Charming Charlie Bankruptcy: Jewelry Chain Files for Chapter 11
The Charming Charlie chain has filed for bankruptcy. (Calvin Leake/Dreamstime)

Tuesday, 12 December 2017 06:50 PM

Charming Charlie, the Houston-based fashion jewelry chain, filed for Chapter 11 bankruptcy on Monday and will close some of its stores. 

The retailer said it had secured $20 million in debtor-in-possession financing from a majority of its existing term loan lenders and entered into a $35 million asset backed loan with current lenders, Reuters reported.

The majority of its stores and its website would operate as usual, Charming Charlie said, adding it would roll out a “back-to-basics” strategy, close underperforming locations and simplify business operations. 

Earlier this month, Reuters reported the Houston-based retailer was preparing to file for bankruptcy in the wake of a downturn in the U.S. retail market. 

More than 15 retailers, including Toys “R” Us Inc, the largest toy seller in the United States, have filed for bankruptcy this year. 

Confirmation of the bankruptcy arrives in the midst of the holiday shopping season. 

Kirkland & Ellis LLP is serving as legal counsel, AlixPartners LLP as restructuring advisor and Guggenheim Securities LLC as investment banker to Charming Charlie.

© 2018 Thomson/Reuters. All rights reserved.

   
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Charming Charlie, the Houston-based fashion jewelry chain, filed for Chapter 11 bankruptcy on Monday and will reportedly close some of its stores.
charming charlie, bankruptcy, chapter 11
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2017-50-12
Tuesday, 12 December 2017 06:50 PM
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