Is this mall staple from your childhood about to disappear?
Claire’s just filed for bankruptcy. The chain has been seeing lower mall traffic since more people are shopping online. But it hasn’t said it’s closing stores yet.
The company is confident that, with some restructuring, it will jump back as the top retailer for tweens. They have come to an agreement with creditors to get $575 million of new capitol and other commitments. The Claire’s CEO is trying to reduce its debt by $1.9 billion, stating “We will complete this process as a healthier, more profitable company, which will position us to be an ever stronger business partner for our supplier, concessions partners, and franchisees.”
Claire’s is the latest in a string of stores to go bankrupt because of more people choosing to shop online. Toys “R” Us is also going through financial strain and may close all stores in the U.S. Well known regional grocery chains Winn Dixie, Harvey’s and BI-Lo are also facing massive closures around the country because of bankruptcy.”
People that grew up collecting Claire’s jewelry and accessories are likely feeling a bit sad and nostalgic. But maybe the company can stay true to its word, and will be able to keep itself afloat.