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Fashion and jewelry chain Charming Charlie will close all 261 stores in the U.S.

The accessories retailer is going out of business.
/ Source: TODAY

The retail depression is claiming another victim.

Charming Charlie, the accessories store known for organizing its purses, jewelry and apparel by color instead of category, filed for bankruptcy on Thursday for the second time in two years.

After a failed turnaround attempt after the first bankruptcy, which included closing 100 stores, the Houston-based retailer said it plans to hold going out of business sales at its remaining 261 locations, which are spread across 38 states.

Charming Charlie said in the filing it expects its liquidation sales to take about two months. A representative from the company did not immediately respond to a request for comment.

After filing for bankruptcy in 2017, the retailer said it would adopt a "back to basics" strategy to boost its business. That included closing under-performing stores and a Los Angeles office and reducing headcount at its corporate office and distribution center in Houston.

The company emerged from bankruptcy in April 2018, but it appears its restructuring plan wasn't enough to sustain the business.

This year has been particularly tough for mall mainstays that have been forced to close their doors. Charlotte Russe, Dressbarn and Payless ShoeSource were just a few of the recognizable brands that weren't able to withstand the retail decline.

Last year, more than 5,800 retail locations closed, according to Coresight Research, an advisory firm that tracks consumer, retail and technology trends. The downturn is already worse this year, with at least 7,062 outlets already closing their doors as of July. Coresight expects that number could rise to 12,000 by the end of the year.