After filing for bankruptcy, the well-known retailer of jeweler and accessories, Charming Charlie, will shut down all 261 of its stores across all locations by the end of August. The company had 11 stores in Georgia alone and was quite a hit during the early years of the 21st century. The stores shot to fame for its color based sorting of women’s fashion accessories, which gave the stores an emphatic appeal.
Charming Charlie has apparently lost its appealing charm as it had to close over 100 stores across the country during the last year. The company didn’t just switch from profits to bankruptcy; they tried all sorts of measures to help themselves stay afloat in the market, but failed to turn things around lately. Bankruptcy was due after everything else failed and all what the company had was millions of loss. It will result in the company’s second bankruptcy filing and will more or less put an end to its 15-year long journey. The Houston-based company has requested court to allow it to honor gift cards worth USD 19 million in the coming 30 days. The stores have just been a part of the massive store closures around the country.
As per a report from Coresight Research, retailers in the United States have reported 7,037 closures and 2,092 new store openings until June end. That is far more worse than the numbers reported last year, when a total of 5,861 stores were closed while 3,251 stores opened. The downslide is expected to continue as the year progresses with analysts expecting 12,000 stores to be shut down by the time the year comes to an end. The top names in the closure list include Crazy 8, Charlotte Russe, Payless, Z Gallerie, Pier 2 Imports, and Gymboree. The list has many other names with hundreds of their stores being closed.