Charming Charlie has proposed a plan to ease its debt load and secure new financing as it executes a strategy to boost profits after months of inventory problems and declining sales, the Houston Chronicle reported. The plan would allow the Houston-based jewelry and accessories retailer to wipe about $69 million from its balance sheet after filing for chapter 11 protection in Delaware last month. Lenders would assume control of the company and provide additional loans to help it emerge from bankruptcy and overhaul operations. The plan swaps $132 million in debt for new equity issued to the company's lenders. It cancels all existing stock, which is also held by private equity firm Hancock Park Associates, Chanaratsopon's family members and other investors.
