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MajorsApr 26, 2018
Charming Charlie Exits Chapter 11
The chain of costume jewelry stores has a new management team and smaller footprint.
Wilmington, Del.—Charming Charlie, the Houston-based chain of costume jewelry stores, is no longer bankrupt.
The company announced it has completed its financial restructuring and emerged from Chapter 11. It said its court-confirmed reorganization plan went into effect on Tuesday (April 24).
The retailer filed for Chapter 11 bankruptcy protection in December, at which time it entered into a restructuring agreement with most of its lenders.
It also announced at the time the launch of a “back-to-basics” strategy—shuttering stores that weren’t doing well in the United States, closing its Los Angeles office and cutting staff at its corporate headquarters and distribution center in Houston.
Under the reorganization plan, lenders took over most ownership in the company, with the majority equity holder being THL Credit.
The company’s reorganization was preceded by the appointment of Lana Krauter as CEO in the fall after founder Charlie Chanaratsopon stepped down.
In total, the company has closed about 100 locations, leaving it with 264 stores.
Now, Charming Charlie said it has exited Chapter 11 with “a substantially improved financial position and a sustainable capital structure” to support its strategy.
“Today marks a fresh start for Charming Charlie as we emerge as a stronger, more focused organization that is better positioned to serve customers in our 264 stores across the country,” Krauter said in a press release.
“I want to thank our employees at Charming Charlie for their dedication and focus as they continue to drive our success. We are also grateful for the support of our valued customers and vendors, and look forward to working together well into the future.”
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