Charlie Chanaratsopon lived the American dream. In 2004, the young and always smart entrepreneur opened his colorful fashion store, Charlie charming, with only one store in Houston – and has since expanded its business to some 261 outlets in the country.
His company landed on Forbes "Ones to Watch" list and done Inc. MagazineThe list of the "5,000 fastest growing companies". Chanaratsopon quickly became a taste-builder in Houston, a vision of society and a boy from the region stood out. Charlie charming started to shine as hard as his trinkets at a modest price.
On July 11, however, Charming Charlie (via Charming Charlie Holdings Inc.) filed an application for Chapter 11 protection in Delaware, with the intention of selling its sales to 261 stores, including Dallas-Fort Worth, according to the same source. Bloomberg. The store, which specializes in clothing, jewelery and accessories, has stopped taking orders online.
The liquidation will take about two months. The announcement involves more than 3,000 full-time and part-time employees across the country, all of whom could lose their jobs.
This is the second time that the Houston-based company, known for its brightly colored themes and low prices, is going bankrupt. In December 2017, the company filed for bankruptcy protection but rebounded after lowering the quality of its inventory and obtaining loans.
the Houston Business Journal reports that Charming Charlie is seeking court approval for a $ 13 million financing from White Oak Commercial Finance LLC and Second Avenue Capital Partners LLC. This decision should allow Charming Charlie to "finalize the store closing sales so as to maximize recoveries for the debtor's owners and stakeholders," according to a statement in court made by the company's CFO, Alvaro Bellon. (The representatives of Charming Charlie did not respond to CultureMap's requests for comment at the time of publication.)
Now, with $ 82 million in debt and massive liquidation sales expected, the retailer is expected to vacate all of its stores on Aug. 31 – a gloomy end to the glittering mecca loaded with trinkets.