US EditionClaire's files for bankruptcy as competition bites
UNITED KINGDOM, AUG 6 – Claire's faces financial strain with £25 million losses in three years and over 25,000 creditors amid weak demand, supply issues, and rising costs, risking closure of 280 UK stores.
- Claire's Accessories, a fashion jewelry chain with 2,750 stores across 17 countries and 280 stores in the UK, has filed for Chapter 11 bankruptcy in a Delaware court.
- This is the second time Claire's has declared bankruptcy, having previously filed in 2018 after being unable to repay a loan.
- Increased competition, changing consumer spending trends, shift away from physical retail stores, debt obligations and macroeconomic factors necessitated this course of action, according to CEO Chris Cramer.
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It hasn't been long since the US jewelry dealer Claire's bankruptcy had to file for it. Now it hits the company again.
In France, the court opened judicial reorganization proceedings at the end of July.
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Total News Sources64
Leaning Left5Leaning Right4Center37Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
11%
C 80%
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