Claire's Holdings LLC, a mall-based teen accessories retailer, has filed for Chapter 11 bankruptcy protection due to a high debt load and changing consumer preferences. This marks Claire's second bankruptcy filing since 2018, primarily driven by a decline in mall traffic and competition from online retailers. The company operates about 2,750 stores across North America and Europe and will keep its North American locations open while exploring strategic alternatives. The CEO cited increased competition, consumer spending shifts, and debt obligations as significant factors leading to the filing.
Claire's has filed for Chapter 11 bankruptcy protection due to a significant debt load and changing consumer behavior as teens increasingly prefer online shopping over physical stores.
Founded in 1974, Claire's operates over 2,750 stores in 17 countries, but is struggling with competition from online retailers and the decline of shopping mall traffic.
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