Charlie Chanaratsopon has lived the American dream. In 2004, the young businessman, always handsome, launched his colorful retail store, Lovely Charlie, with only one store in Houston, and since then it has increased its operation to 261 points of sale throughout the country.
Your company landed in Forbes List of "Ones to Watch" and done. Inc. MagazineThe list of "The 5,000 companies with the highest growth". Chanaratsopon soon became a creator of Houston tastes, in a society that saw them, and a child from the area did well. The charming Charlie began to shine as much as his low-cost ornaments.
However, on July 11, Charming Charlie (through Charming Charlie Holdings Inc.) applied for Chapter 11 protection in Delaware with out-of-business sales plans in the 261 stores, including Dallas-Fort Worth, as Bloomberg. The store, specializing in clothing, jewelry and accessories, has stopped receiving orders online.
The liquidation will take approximately two months. The announcement affects more than 3,000 full-time and part-time employees throughout the country, all of whom could lose their jobs.
This is the second time that the Houston-based company, known for its vibrant color themes and discount prices, declares bankruptcy. In December 2017, the company filed for bankruptcy but recovered after reducing the quality of its inventory and obtaining loans.
the Houston Business Journal informs that Charming Charlie is seeking court approval to obtain $ 13 million of borrower financing in possession provided by White Oak Commercial Finance LLC and Second Avenue Capital Partners LLC. It is hoped that this move will allow Charming Charlie "to complete the closing sales of the store in a way that maximizes the recoveries of the states and interested parties of the debtors," according to a court statement by the company's chief financial officer, Alvaro. Bellon. (The charming Charlie representatives did not respond to a request for comments from CultureMap at the time of publication).
Now, with a reported debt of $ 82 million and planned mass sales of liquidation, the retailer will reportedly leave all stores on August 31, a dark end to the gleaming mecca and loaded with trinkets.