Dec 13, 2017

Charming Charlie becomes 20th major retailer to file for bankruptcy this year

Charming Charlie, the Houston-based jewelry and accessories retailer, announced Tuesday that it reached an agreement with lenders and equity sponsors to clear the way for its filing of Chapter 11 bankruptcy.

What went wrong: Charming Charlie's bread-and-butter, affordable jewlery, is an ideal product for online sellers, given that it can be warehoused and shipped cheaply. What's more, even as business migrated online, Charming Charlie overextended itself, opening 79 stores between 2013 and 2015.

Why it matters: It's the twentieth major retailer to have filed for bankruptcy protection in 2017.

Charming Charlie burst onto the retail scene in 2004, with stores uniquely organized by color, and offering products at prices between high-end jewlery stores and discount shops like Claire's, which is aimed at the teenage market.

Go deeper

Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 2 a.m. ET: 859,796 — Total deaths: 42,332 — Total recoveries: 178,300.
U.S.: Leads the world in confirmed cases. Total confirmed cases as of 2 a.m. ET: 189,618 — Total deaths: 4,079 — Total recoveries: 7,109.
Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
Coronavirus in custody: Inmates in all U.S. federal prisons are set to enter a 14-day quarantine on April 1. A federal judge on Tuesday ordered U.S. Immigration and Customs Enforcement to release 10 detained immigrants who are at risk of contracting COVID-19 while in confinement.
U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingUpdated 6 mins ago - Politics & Policy

Rebecca Falconer

NYC races to build field hospitals as coronavirus death toll tops 1,000

New York City Mayor Bill de Blasio announces at the USTA Bille Jean King tennis center that the venue will be transformed into a 350-bed temporary hospital. Photo: Bryan R. Smith/AFP via Getty Images

New York City Mayor Bill de Blasio told a news conference Tuesday of plans to triple hospital bed numbers to combat the novel coronavirus by transforming facilities into makeshift hospitals — including U.S. Open tennis courts.

The big picture: The city now accounts for a quarter of all COVID-19 deaths in the U.S. — more than 1,000 as of Wednesday morning. De Blasio said the city had "about 20,000 working hospital beds in our major hospitals" before the outbreak. "We now need to, in just the next weeks ... produce three times that number," he said.

Go deeper25 mins ago - Health

Rebecca Falconer, Orion Rummler, Marisa Fernandez

U.S. coronavirus updates: Death toll tops 4,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now killed more than 4,000 people in the U.S. — with over 1,000 deaths reported in New York City alone, per Johns Hopkins data. The number of deaths are still much lower than those reported in Italy, Spain and China.

Of note: Hours earlier, President Trump noted it's "going to be a very painful two weeks," with projections indicating the novel coronavirus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place. "They are going to be facing a war zone," he said of medical workers.

Go deeperUpdated 2 hours ago - Health