Luxury accessories brand, Charlotte Olympia which was founded in 2007 by Charlotte Olympia Dellal, is going through some serious financial trouble. As first reported by Footwear News, the brand filed for Chapter 11 bankruptcy protection in Delaware bankruptcy court on Feb. 17. The filing was made by Pinktoe Tarantula Ltd. and affiliates Desert Blonde Tarantula Ltd. and Red Pump Tarantula Ltd., which do business as Charlotte Olympia.

According to the filing, “The Debtors have filed these chapter 11 cases to effectuate an orderly liquidation of their assets.” The company checked boxes declaring assets of $1 million to $10 million and debt of $10 million to $50 million.

Chief Restructuring Officer William Kaye also said in the filing that he plans to close each of the brand’s four U.S. stores — one in Beverly Hills, one in Orange County, one in Las Vegas and one in upper Manhattan — noting that they had all been unprofitable.

“The closing of our stores in the U.S. is to effectuate a restructuring of our business post-partnership.  This is due to the unprecedented disruption in the retail market,” a spokesperson told Footwear News. However the brand’s wholesale partners will remain in tact, a rep for the brand confirmed.

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