Jewelry and accessories retailer Charming Charlie petitioned for Chapter 11 insolvency Thursday with designs to close the majority of its 261 stores in 38 states.
The documenting marks the organization’s second Chapter 11 case, qualifying as what rebuilding industry experts call a “Section 22” insolvency.
Enchanting Charlie shut around 100 stores during its past insolvency, which finished in April 2018. The retailer utilized that procedure to cut obligations and slice different expenses, however “these endeavors just were not adequate to settle” the business and convey benefits, the organization said Thursday in a court recording.
The organization said it confronted “unsustainable working costs, including cumbersome leases” when numerous physical stores are doing combating with online retailers.
In excess of 7,000 store closings are now in progress or finished so far in 2019 over the retail segment, as indicated by Coresight Research.