GREENVILLE, S.C. (FOX Carolina) -- Bad news friends of fashion, the boutique style store Charming Charlie has gone bankrupt, the business reported in federal court today.
Charming Charlie reportedly filed for Chapter 11 bankruptcy Thursday with plans to close all of its 261 stores residing in 38 states.
The company reported:
“Following extensive analysis, the Debtors and their advisors have made the difficult decision to seek authority to close and wind down or conduct other similar themed sales (“Store Closings”) for all of the Debtors’ brick-and-mortar store locations. The decision has been made after the implementation of numerous cost-reduction measures and the closure of approximately 100 under performing stores (for which the Debtors obtained approval in the prior chapter 11 cases).
These efforts simply were not sufficient to stabilize the Debtors’ businesses and ensure long-term profitability. As the Court is aware, the Debtors have also faced significant headwinds given the continued decline of the brick-and-mortar retail industry. "
The company expects to vacate its stores by Aug. 31, according to the Chapter 11 paperwork.
Charming Charlie stores can be found in local areas such as Greenville, Spartanburg and Asheville.