March 17, 2018 2:55 PM ET

Specialty Retail

Company Overview of Charming Charlie LLC

Company Overview

Charming Charlie LLC operates fashion accessory stores for women in the United States. The company’s stores sell jewelry, earrings, bracelets, handbags, scarves, necklaces, and belts. It also operates an online gift card pop-up shop. The company was founded in 2004 and is based in Houston, Texas. It operates stores in Alabama, Minnesota, Arizona, Mississippi, Arkansas, Missouri, California, Nebraska, Colorado, Nevada, Connecticut, New Jersey, Florida, New York, Georgia, North Carolina, Illinois, Ohio, Indiana, Pennsylvania, Kansas, South Carolina, Kentucky, Tennessee, Louisiana, Texas, Maryland, Virginia, Massachusetts, West Virginia, Michigan, and Wisconsin. Charming Charlie LLC operates as...

5999 Savoy Drive

Houston, TX 77036

United States

Founded in 2004





Key Executives for Charming Charlie LLC

Founder and Chief Executive Officer
Chief Financial Officer, Chief Administrative Officer and Executive Vice President
Age: 56
Chief Information Officer and Senior Vice President
Chief Merchandising Officer and Executive Vice President
Senior Vice President of Store Operations
Compensation as of Fiscal Year 2017.

Charming Charlie LLC Key Developments

First Amended Reorganization Plan Filed by Charming Charlie Holdings Inc.

Charming Charlie Holdings Inc. filed first amended Joint Reorganization Plan and Disclosure statement Filed by Charming Charlie Holdings Inc. on January 23, 2018. As per the amended disclosure statement filed there is change in claims in Prepetition Term Loan, which will be paid 25% of the Estimated amount in the form of equity and 3.62% in the form of cash .There is no other change in treatment of various other claimant classes. Charming Charlie Holdings Inc. filed a joint modified plan of reorganization along with the related disclosure statement in the US Bankruptcy Court on January 23, 2018 . As per the modified Chapter 11 plan of reorganization. There is no change in treatment of various claimant classes.

Final DIP Financing Approved for Charming Charlie Holdings Inc.

The US Bankruptcy Court gave an order to Charming Charlie Holdings Inc., to obtain DIP financing on final basis on January 11, 2018. As per the order, the debtor has been authorized to obtain a DIP financing in the amount of $60 million, $20 million extended under the current DIP facility as New Money DIP Term Loans, remaining $35 million include $15 million as letters of credit and $20 million as revolving from Bank of America, N.A., acting also as the administrative agent. The DIP loan would either carry an interest rate of LIBOR plus 4.5% p.a., with a LIBOR floor of 1% p.a., or an alternate base rate plus 3.5% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement. The DIP facility would mature either on June 8, 2018 or on the effective date of the plan, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The Court had granted the debtor an interim approval to access 40 million as DIP financing on December 13, 2017.

Motion for Asset Sale Approved for Charming Charlie Holdings Inc.

The US Bankruptcy Court gave an order approving Charming Charlie Holdings Inc. entry into an agency agreement on January 10, 2018. The Court has approved the order on an agency agreement to conduct store-closing sales with Hilco Merchant Resources, LLC as the agent, authorizing the continuance of 97 store closings of the stores (phase 1) and authorizing the debtors to conduct store closings at up to 75 additional stores at a later date or dates (phase 2) in accordance with the terms of the store closing procedures. The Debtors get approval of the Store Closing Procedures to provide newspapers and other advertising media in which the Sales may be advertised with comfort that the Debtors are conducting the Sales in compliance with applicable law and with the Bankruptcy Court’s approval. The Debtors seek interim approval of the Store Closing Procedures in light of the need to continue the Sales and Store Closures associated with the Phase 1 Closing Stores during the approaching traditionally high-volume holiday season. The Debtors estimate that the first phase of Store Closings will take until approximately December 31, 2017, and, depending on the number of Phase 2 Closing Stores, the Store Closings may continue through as late as March 30, 2018. In consideration of its services hereunder, agent shall earn a fee calculated in accordance with the following; if recovery percentage ranges less than 161.60%, agent’s incentive fee will be nil, if recovery percentage ranges between 161.60% to 166.59% then agent’s incentive fee will be 1%, if recovery percentage ranges between 166.60% to 171.59% then agent’s incentive fee will be 1.25%, and if recovery percentage ranges 171.60% or more then agent’s incentive fee will be 1.5%.

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