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OKLAHOMA CITY – A popular clothing boutique announced that it has filed for bankruptcy and is closing several brick-and-mortar stores throughout the country.
“At Charming Charlie we are undertaking a comprehensive financial and operational restructuring to ensure that we can move forward with our previously announced Back-to-Basics strategy and continue to serve our loyal customers. For all of our customers, vendors and talented employees –CharmingCharlie.Com and hundreds of Charming Charlie stores across the country are open for business and serving customers.
To achieve our financial objectives, Charming Charlie voluntarily filed for Chapter 11 in the United States Bankruptcy Court for the District of Delaware. We are confident that by reducing the size and scale of our business, we can focus on the core strengths that make the Company successful while continuing to improve our customers’ experience,” the company announced in a statement.
Officials say the company suffered from slow mall traffic and the rise of online sales. At this point, it has not said how many of its 375 stores will be closing.
A source told the Wall Street Journal that the retailer is expected to close around 100 stores.
Employees at a local Charming Charlie shop told News 4 that all Oklahoma stores will likely close as a result of the filing.