Charming Charlie files for bankruptcy as the holidays near

Charming Charlie Holdings Inc. just filed its voluntary Chapter 11 petition for bankruptcy court protection yesterday on December 11.

The jewelry and accessories company just launched a Plan of Reorganization and is planning to exit bankruptcy proceedings within 95 days according to WWD. The company filed this past Monday in Delaware with assets estimated approximately between 50 million and 100 million dollars. The company also had liabilities between 100 million and 500 million dollars, as reported by the publication. The filing will immediately affect the company as it plans to close at least 100 stores by the end of the year.

By reducing the size and scale of our operations, we have the opportunity to stabilize the business. 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. It's what we are referring to as our Back-to-Basics Strategy," Lana Krauter, who recently was named Interim Chief Executive Officer of Charming Charlie, said in a statement. "This was a challenging decision to make, but we know that it is in the best interest of Charming Charlie, our customers, our vendors, and our employees moving forward."

The company currently has 370 operating stores in the U.S. as well as four other locations in Canada. The retailer currently has about 1,000 full-time and 4,600 part-time employees according to Forbes.