Charming Charlie announced Thursday that it is closing all of its stores after declaring bankruptcy.

Charming Charlie, a retailer known for selling flashy and colorful women's accessories, is going out of business after filing for bankruptcy for the second time in less than two years.

The company, which filed for Chapter 11 bankruptcy protection in Delaware on Thursday, plans to close 261 stores nationwide, including its store in Lincoln at SouthPointe Pavilions.

Liquidation is expected to take until Aug. 31, and will impact some 3,342 full- and part-time employees nationwide.

The retailer in its court filings reported outstanding debt of about $81.8 million, and cash on hand of about $6,000.

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Charming Charlie joins Toys "R" Us, Payless ShoeSource, Younkers, DressBarn, Shopko and others in going out of business in recent years amid a fiercely competitive retail market.

Retailers announced 7,062 store closures nationally so far this year, surpassing the 5,864 closures reported in 2018, according to the latest Coresight Research store tracker report.

Lincoln stores that have closed or are slated to close

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