HOUSTON, April 24, 2018 /PRNewswire/ -- Charming Charlie (the "Company") today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. The Company's court-confirmed Plan of Reorganization (the "Plan") went into effect today, April 24, 2018. Through this process, Charming Charlie is emerging with a substantially improved financial position and a sustainable capital structure to support its Back-to-Basics Strategy.
"Today marks a fresh start for Charming Charlie as we emerge as a stronger, more focused organization that is better positioned to serve customers in our 264 stores across the country," said Lana Krauter, Chief Executive Officer of Charming Charlie. "I want to thank our employees at Charming Charlie for their dedication and focus as they continue to drive our success. We are also grateful for the support of our valued customers and vendors, and look forward to working together well into the future."
"We are pleased the creditors were able to come to an agreement that positions Charming Charlie with a new management team, a stronger balance sheet and an improved retail footprint," said Christopher Flynn, CEO of THL Credit, which is now the majority equity holder in the Company. "We are confident in the Company's underlying fundamentals, and believe Lana's deep experience will provide strong leadership as Charming Charlie pursues the growth opportunities we see for the business going forward."
Kirkland & Ellis LLP served as the Company's legal counsel, AlixPartners LLP served as its restructuring advisor, and Guggenheim Securities, LLC served as its investment banker.
About Charming Charlie
Charming Charlie is a Houston-based specialty retailer focused on fashion jewelry, handbags, apparel, gifts and beauty products. Charming Charlie brings value to their customers by providing them with high quality, style and a broad assortment of fashion product at affordable price points. The company currently operates 264 stores in the United States, and can be found online at www.CharmingCharlie.com.
Charming Charlie Contacts
Michael Freitag or Trevor Gibbons
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Charming Charlie