Charming Charlie To Close All 261 Stores In Chapter 11 Bankruptcy
(CBS DETROIT) Another retailer is going bust: Charming Charlie Holdings plans to close its remaining 261 stores, including six Michigan locations, 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.
Charming Charlie has six Michigan locations:
- The Mall at Partridge Creek in Clinton Township
- Novi Town Center in Novi
- Westland Center in Westland
- Green Oak Village Place in Brighton
- RiverTown Crossings in Grandville
- The Crossroads Mall in Portage
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.
The company expects all stores to be closed by August 31, 2019.
See closures here.