Charming Charlie Files for Bankruptcy

Charming Charlie (Houston) filed for Chapter 11 bankruptcy protection yesterday, as it seeks to restructure its business and debt.

The move is being attributed to issues including the general shift from brick-and-mortar retail as well as merchandising miscalculations, lack of inventory and reduced sales.

The move was not unexpected, following last week’s announcement that it planned to close some stores and cut corporate staff. With the filing, the company shared its plans to shutter 100 of its stores by the end of the year.

According to Retail Dive, Charming Charlie's sales have dropped by about 22 percent over the past several years and profits have fallen by more than 75 percent.