Charming Charlie To Close 2 Ohio Stores

Fashion accessories retailer Charming Charlie has filed for bankruptcy and has plans to close 100 stores by year end. Among the stores slated to close are those at the Sandusky Mall in Sandusky and at Bridgewater Falls in Hamilton.

The retailer cited dwindling cash balances in announcing the Chapter 11 bankruptcy filing earlier this week. The reorganization of debt could lead to store closures as the company faces difficulties securing adequate inventory for the upcoming holiday season, company officials explained.

"By reducing the size and scale of our operations, we have the opportunity to stabilize the business," interim CEO Lana Krauter said in a statement. "We also will be better equipped to read and react to trends and what our customers want, which had been the hallmark of our success."

The potential closure of 100 stores represents about a quarter of all the company's sites. The company operates 370 stores in the United States, four in Canada and 16 locations in the Middle East and the Philippines.

The Houston-based retailer employs about 1,000 people full-time and another 4,600 part timers. The retailer also plans to close its Los Angeles office and reduce the staff at its Houston corporate support center and distribution center, officials said.