Jewelry and accessories retailer Charming Charlie may have gone bankrupt and closed its 261 stores, but you can expect to see the brand resurface in coming months.
Charlie Chanaratsopon, founder of the company, is acquiring its trademarks, internet properties and other intellectual property for about $1.23 million, the Houston Chronicle reports. He was approved to buy the assets following a bankruptcy auction.
He plans to revive Charming Charlie as primarily an online brand. It will have only a few permanent brick-and-mortar stores, which will open early next year.
The company’s main advantage is its 10-million-strong customer base, said Chanaratsopon, former CEO of Charming Charlie.
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“In this age of retail, we still see an opportunity for the brand to thrive in the online ecosystem,” he said, according to the Chronicle.
The company said in July that it was closing all of its stores in connection with its Chapter 11 bankruptcy filed July 11.
Read more at the the Houston Chronicle