Can retail be rescued? Why so many U.S. stores are closing
The four Charming Charlie stores in the St. Louis metro area, including one in Fairview Heights, are expected to close by Aug. 31.
The jewelry and fashion accessory chain said Thursday it will close all of its 261 stores nationwide as part of its bankruptcy proceedings, USA Today reported.
Charming Charlie is at 6520 N. Illinois St. in The Shoppes of St. Clair Square shopping center in Fairview Heights.
The Houston-based chain also has outlets in the West County Center in Des Peres, the St. Louis Galleria in Richmond Heights and The Meadows at Lake St. Louis, according to the company’s website.
The Houston Chronicle reported that court filings showed Charming Charlie has debts of about $81.8 million and cash on hand of about $6,000.
Charming Charlie in Fairview Heights was spared from a round of store closings announced in 2017. An assistant manager at the store said she could not comment about the latest announcement on Thursday.
Charming Charlie’s announcement to close all of its stores follows several other chains that have shut down as they face tough competition from online retailers.
Coresight Research reports that U.S. retailers have announced 7,062 store closures and 3,022 store openings this year.