By Leada Gore
Jewelry and accessory chain Charming Charlie is closing almost 100 stores as part of bankruptcy proceedings.
The Houston-based chain said 97 closures will take place just after Christmas, leaving about 277 locations nationwide. There are six Charming Charlie locations in Alabama; three are slated for closure - Bessemer, Leeds and Tuscaloosa.
Remaining locations will continue to operate as normal, according to Lana Krauter, Interim Chief Executive Officer of Charming Charlie.
The bankruptcy will "help ensure that the company has adequate sources of financing and the right capital structure to support the business in an ongoing basis as we continue to implement our Back-to-Basics strategy," Krauter said. "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."
Charming Charlie was founded in 2004. Company officials said earlierall of the stores slated for closures were considered "underperforming."
The closures are the latest among national retailers as they struggle to compete with the growing trend of online shopping. Also announcing closures this year are Radio Shack, Men's Wearhouse, Macy's, Payless Shoe Source, Sears and Kmart.
Image courtesy of google.com
