A staple at malls across the U.S., Claire’s announced that it has initiated voluntary Chapter 11 bankruptcy proceedings as it seeks “strategic alternatives” to remain open.
There are 2,750 Claire’s stores in 17 countries throughout North America and Europe, the company says. Claire’s previously filed for bankruptcy in 2018 when it had over 4,000 locations.
The company said it plans to close 18 U.S. locations, with more locations to be added to the list. Those locations include: …
Although Claire’s did not directly cite tariffs, the company did say macroeconomic factors played a role in its decision to seek bankruptcy.
Are they owned by private equity?
They are!
After a period of rapid (dare I say, irresponsible) expansion, they underwent their first bankruptcy in 2018 to discharge the debt from the poor management choices. Shortly after exiting bankruptcy in 2021, they claimed record earnings and announced plans for an IPO that never happened. Now they’re bankrupt again.