Charming Charlie is no longer bankrupt, but there’s a catch.
The popular teen jewelry and accessories retail said it successfully completed its financial restructuring, emerging from Chapter 11 bankruptcy. However, it closed around 100 stores in the process and reduced its corporate employee number, the chain announced.
“Today marks a fresh start for Charming Charlie as we emerge as a stronger, more focused organization that is better positioned to serve customers in our 264 stores across the country,” said Lana Krauter, CEO, Charming Charlie.
» RELATED: 10 retailers file for bankruptcy in 2017
Lenders now have majority ownership in the company, with the majority equity holder being THL Credit.
“We are pleased the creditors were able to come to an agreement that positions Charming Charlie with a new management team, a stronger balance sheet and an improved retail footprint,” said Christopher Flynn, CEO of THL Credit. “We are confident in the company’s underlying fundamentals, and believe Lana’s deep experience will provide strong leadership as Charming Charlie pursues the growth opportunities we see for the business going forward.”
Charming Charlie has locations in Beavercreek, Cincinnati, Columbus, Fairfield Twp. and Mason. Dozens of retailers have filed for bankruptcy this year including: ToysRUs, The Limited, Gymboree, Wet Seal, RadioShack, Gander Mountain and Payless.
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