Charming Charlie Back in Bankruptcy

Accessories brand Charming Charlie is back in bankruptcy and has announced it will close all of its stores, for the second time in three years, reports Bloomberg. Charming Charlie Holdings Inc. filed for bankruptcy in Delaware and will hold liquidation sales at all of its 261 stores.

The retailer emerged from its initial bankruptcy filing in April 2018, but “continued to face challenges that make it impossible for Charming Charlie to continue as a going concern,” said Chief Financial Officer Alvaro E. Bellon. Its debt of about $82 million is made up of an asset-based credit line, a term loan facility and vendor payment credit line, according to court papers.