The popular jewelry-and-more mecca Charming Charlie is reportedly dealing with financial issues.
The Houston-based company, facing debt in a competitive brick and mortar marketplace, recently filed for bankruptcy protection and plans to reorganize its operations, which, according to its website, span some 375 stores across the country.
In a news release, the company explained how it is entering “a restructuring support agreement with most of its lenders and shareholders:”
“Our goal is to move through this process quickly and emerge as a stronger, more focused organization that is better positioned to succeed in the rapidly changing retail environment,” interim CEO Lana Krauter said in a statement.
Company officials said creditors are providing $20 million in new financing, as well as a $35 million loan.