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NEW YORK (CNN) – Charming Charlie is a victim of the apocalypse of the current retail trade.
The women's fashion accessories retailer filed for bankruptcy for the second time in two years and announced Thursday that it would close all its stores.
Charming Charlie has more than 260 stores in 38 states and employs more than 3,300 people. It was founded in 2004.
Four sites in Utah will be affected. They are located in Farmington, St. George, southern Jordan and Orem.
This closure is expected to affect dozens of Utah employees and leave vacancies in various state malls.
The liquidation of its stores is expected to last nearly two months. Sales on its website have already stopped.
Charming Charlie testified before the Delaware bankruptcy court that she only had $ 6,000 in cash.
He tried to look at other sources of funding, but Alvaro Bellon, chief financial officer of the company, said in a document that he had become "perfectly clear that these alternative sources were not viable or n? were not available within the time required by the company ".
The company had previously filed for bankruptcy in 2017. Despite the closure of 100 stores after its bankruptcy in April 2018, Bellon said the brand "continued to face challenges making it impossible to maintain Charming Charlie".
Bellon said the "continuing decline in physical consumer traffic" in its physical stores had precipitated its demise.
At its peak, it had nearly 400 stores in the United States, the Middle East and Canada.
This year, US retailers have already announced the closure of 6,000 stores. That number exceeds the 5,864 closing announcements announced last year, according to a recent report from Coresight Research.
Thousands of additional closures could occur in the coming years, with online purchases replacing purchases made in physical stores.
The-CNN-Wire ™ and © 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved.
contributing: Kaitlyn Workman
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