Charming Charlie is no longer bankrupt.
The women’s specialty chain has completed its financial restructuring and said it now has a “sustainable capital structure.”
Lana Krauter, chief executive officer, said, “Today marks a fresh start for Charming Charlie as we emerge as a stronger, more focused organization that is better positioned to serve customers in our 264 stores across the country.”
The majority equity holder of the company is THL Credit. Christopher Flynn, ceo of THL Credit, said, “We are pleased the creditors were able to come to an agreement that positions Charming Charlie with a new management team, a stronger balance sheet and an improved retail footprint.”
He added that THL is “confident in the company’s underlying fundamentals, and believe Lana’s deep experience will provide strong leadership as Charming Charlie pursues the growth opportunities we see for the business going forward.”
The chain is a Houston-based specialty retailer focused on fashion, jewelry, handbags and apparel. It is best known for its merchandising of product based on color.
The company filed for bankruptcy court protection in December and closed about 100 stores at the end of 2017 while under bankruptcy court supervision.