Charming Charlie, a jewelry and accessories chain, has filed for Chapter 11 bankruptcy protection.
The chain, which has several store locations in the region, announced continued efforts to “stabilize its business.” Charming Charlie filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court of the District of Delaware. The chain expects to continue to operate the majority of its stores and its website during the court process.
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“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,” said Lana Krauter, interim chief executive officer of Charming Charlie.
The company entered into a Restructuring Support Aggreement with a majority of its term loan lenders and equity sponsors, according to a company statement. The company secured commitments for $20 million in new-money debtor-in-possession financing from a majority of its existing term loan lenders. The company also entered into a $35 million DIP asset backedloan with its current lenders.
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Charming Charlie has locations in Beavercreek, Cincinnati, Columbus, Fairfield Twp. and Mason. Dozens of retailers have filed for bankruptcy this year including: ToysRUs, The Limited, Gymboree, Wet Seal, RadioShack, Gander Mountain and Payless.
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