Charming Charlie Stores In Tampa Could Close Due To Bankruptcy

TAMPA, FL - Fashion accessories retailer Charming Charlie has filed for bankruptcy and has plans to close 100 stores by year end. Two Charming Charlie stores are located in the Tampa area: one at Citrus Park Mall and another store at the WestShore Mall. The retailer cited dwindling cash balances in announcing the Chapter 11 bankruptcy filing earlier this week.

The reorganization of debt could lead to store closures as the company faces difficulties securing adequate inventory for the upcoming holiday season, company officials explained.

"By reducing the size and scale of our operations, we have the opportunity to stabilize the business," interim CEO Lana Krauter said in a prepared statement. "We also will be better equipped to read and react to trends and what our customers want, which had been the hallmark of our success."

The potential closure of 100 stores represents about a quarter of all the company's sites. The company operates 370 stores in the U.S., four in Canada and 16 franchised locations in the Middle East and the Philippines. The Houston-based retailer employing about 1,000 full-time employees and another 4,600 part-time workers also plans to close its Los Angeles office and reduce the staff at its Houston corporate support center and distribution center, officials said.

Founded in 2004, Charming Charlie sells jewelry, handbags, apparel and beauty products organized into color-coordinated store displays, Forbes described in a news story. Products typically ranging between $5 to $50 are intentionally in a so-called "sweet spot" between the price points at more expensive Macy's and Kohl's and lower-priced Claire's, Robert Adamek, Charming Charlie senior vice president and chief financial officer, said in a court filing.

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