(WXYZ) — Jewelry company Charming Charlie is going out of business and closing all stores after reportedly filing for Chapter 11 bankruptcy. According to USA Today, the company previously filed for Chapter 11 bankruptcy, and closed about 100 stores, which ended in 2008.
Why did Charming Charlie go out of business?
Houston-based Charming Charlie filed for bankruptcy protection last month amid inventory problems and declining sales. 2 of 20 The interior of the new Charming Charlie location in Sharjan, United Arab Emirates, which opened in June 2016. Smith, Michael Show More Show Less
How many stores does Charming Charlie have?
Charming Charlie has more than 260 stores in 38 states and employs more than 3,300 people. It was founded in 2004. Liquidation of its stores is expected to last nearly two months. Sales on its website have already stopped.
Is Charming Charlie coming back in 2020?
Chanaratsopon said he plans to relaunch Charming Charlie as an online-heavy retailer with a handful of temporary “pop-up” stores and permanent stores in select locations nationally. The stores are expected to open in early 2020. Accordingly, why are stores closing in 2019?
How much money is Charming Charlie getting through bankruptcy?
Charming Charlie has obtained debtor-in-possession financing of $13 million from Second Avenue Capital and White Oak Commercial Finance to fund its operations through the bankruptcy. It expects liquidation sales will generate $30 million in revenue.
Is Charming Charlie making a comeback?
Charming Charlie is reviving its retail stores after liquidating more than 260 stores following its second bankruptcy filing in 2019. Company founder Charlie Chanaratsopon acquired the retailer's trademarks, website domains, customer database and social media assets in fall 2019.
Did Charming Charlie's reopen?
Last September, Charming Charlie's reopened its first store, in Atlanta. In 2019, CJS Group LP was the highest bidder for the Charming Charlie IP after 35 rounds of competitive bidding, with a final bid of $1.125 million. The company resumed online operations at charmingcharlie.com in 2020.
Who owned Charming Charlies?
Charles ChanaratsoponThe new owners — led by Charming Charlie founder and original CEO Charles Chanaratsopon — had announced plans in November 2019 to reopen 15 stores in March 2020, but those plans were delayed by the coronavirus outbreak.
Where is Charming Charlie's?
Houston, TexasCharming Charlie is a women's contemporary fashion and accessories retailer based in Houston, Texas.
What took over Charming Charlie?
After the Chapter 11 filing, Houston-based CJS Group LP — led by Charming Charlie founder and original CEO Charlie Chanaratsopon — bought the brand and its intellectual property through a bankruptcy auction in September 2019, the Houston Business Journal reported.
Who is the CEO of Charming Charlie?
Charlie Chanaratsopon (2004–)Charming Charlie / CEO
How much is Charming Charlie worth?
With an estimated net worth of $500 million he's careening toward billionaire status before his 40th birthday. Since launching his first store in Houston nine years ago, Chanaratsopon hasn't slowed down a whit.
How many locations does Charming Charlie have?
Charming Charlie, which is based in Houston, originally planned to begin reopening physical stores last March, but the COVID-19 pandemic put those plans on hold. At its height, Charming Charlie reportedly had more than 390 stores in North America, the Middle East and the Philippines.
How do I check the balance on my Charming Charlies Gift Card?
You can check Charming Charlie gift card balance online on our website or call Charming Charlie at 1-888-675-2275. You can also visit any Charming Charlie store and inquire a cashier to check the balance for you.
How many Charming Charlie stores will close in 2019?
More store closings coming: An estimated 12,000 shops could close by the end of 2019. Similar trends have affected competitors such as mall chain Claire's, which filed for Chapter 11 bankruptcy protection in 2018. Founded in 2004 by Charles Chanaratsopon, Charming Charlie sells jewelry, handbags, apparel, gifts and other items – with ...
Who owns Charming Charlie?
Founded in 2004 by Charles Chanaratsopon, Charming Charlie sells jewelry, handbags, apparel, gifts and other items – with a particular emphasis on colorful products. The company had grown to more than 390 locations in the U.S., Canada, the Middle East and the Philippines by late 2017. Texas, Florida and California together have about 75 Charming ...
When did Charming Charlie close?
Charming Charlie closed about 100 stores during its previous bankruptcy, which ended in April 2018. The retailer used that process to cut debts and slash other costs, but "these efforts simply were not sufficient to stabilize" the business and deliver profits, the company said Thursday in a court filing. The company said it faced "unsustainable ...
Is Charming Charlie going out of business?
( See the closures here .) Going-out-of-business sales have already begun at Charming Charlie. The company expects to vacate its stores by Aug. 31, according to a court filing.
