HOUSTON – (Realty News Report) – Charming Charlie, a Houston-based retail chain, is expected to close about 100 of its 375 stores, according to news reports.
The company recently announced plans reduce employee headcount at its Houston Corporate Support Center and Distribution Center. The firm also said it would shutter stores, but it did not specify the exact number of stores.
Charming Charlie will close its flagship location on New York City’s Fifth Avenue among about 100 stores it will close, sources told the Reuters news service.
The jewelry chain will close stores in Dallas, Nashville and all of its stores in Arkansas, Arkansas Online reported. Reports from regional news organizations in Nebraska, Virginia and Waco and Texarkana, Texas all reported store closings are pending. December 31 is expected to be the last day of operation, several news outlets reported.
The firm is reportedly closing its stores abroad, about a dozen stores in Asia and the Middle East.
“By reducing the size and scale of our operations, we have the opportunity to stabilize the business,” Interim CEO Lana Krauter said in a press release that came out Friday afternoon. “We are working closely with our outside advisors to explore a range of alternatives to help ensure the company has adequate sources of financing and the right capital structure to support the business on an ongoing basis.”
Charming Charlie, with 375 stores in the U.S. and Canada selling jewelry, handbags, apparel and other items, also will close its Los Angeles office.