Friday, July 26, 2019

Charming Charlie declares bankruptcy and will close all stores, a tale of the Retail Apocalypse

Since CBS News uploaded the video I embedded in 12,000 stores are likely to close this year, including at least 313 Fred's, a tale of the Retail Apocalypse, another retail chain declared bankruptcy and announced it will close all its stores, Charming Charlie.  Fox 2 News in St. Louis had a brief segment in which it reported Charming Charlie to shutter all 261 stores after filing Chapter 11 bankruptcy.

Fashion accessories retailer Charming Charlie is going out of business...and will shutter all 261 stores in 38 states after filing for Chapter 11 bankruptcy Thursday.
Trending News posted a video which was about dollar stores succeeding, not Charming Charlie failing, so I won't embed it, but I will share the video description, which I found very informative.
Another retailer is going bust: Charming Charlie Holdings plans to close its remaining 261 stores after filing for bankruptcy protection for the second time in as many years. The clothing and accessories seller on Thursday said it had stopped online sales and expects to conclude its going-out-of-business sales by the end of August.

Privately-held Charming Charlie, which had stores and operations in 38 states, shuttered about 100 stores during its prior bout in Chapter 11 bankruptcy, which began in December 2017 and lasted until April 2018. That effort at restructuring its operations and debt "were simply not sufficient to stabilize the debtors' businesses and ensure long-term profitability," according to its latest bankruptcy filing.

The company estimated having about $19.8 million in gift cards outstanding, and expects roughly $7.8 million of that to be redeemed. It asked the bankruptcy court for permission to honor gift cards for 30 days.
Rockstar Flipper looked at one of the stores that is already going out of business and selling its fixtures in Charming Charlies goes BANKRUPT !! Closing 260+ Stores.

The Retail Apocalypse rolls on.

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