The popular jewelry-and-more mecca Charming Charlie is reportedly dealing with financial issues.

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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.

The store, founded in 2004 by local entrepreneur Charlie Chanaratsopon, announced plans earlier this month to streamline its operations by curtailing its store count and cutting jobs at its Houston headquarters.
Anna Caplan contributes to Rare Houston and Rare Animals. 
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