US EditionClaire’s to seek creditor protection in Canada after U.S. filing, stores remain open
UNITED STATES, AUG 6 – Claire's faces financial challenges after filing for bankruptcy protection for the second time, citing weak consumer demand and liabilities between $1 billion and $10 billion, court documents show.
- On Wednesday, Claire's filed for Chapter 11 bankruptcy in the United States, its second filing after 2018, court documents show.
- Amid reduced consumer demand and supply chain uncertainty, Claire's filed for bankruptcy protection after wiping around 1.9 billion dollars off its balance sheet in a refinancing.
- Operating more than 2,750 stores across 17 countries, Claire's listed assets and liabilities each between $1 billion and $10 billion and owed more than 25,000 creditors.
- Last month, Claire's UK arm faces an uncertain future after its US parent filed for bankruptcy, with Hilco among suitors considering a takeover that could lead to store closures.
- After withdrawing IPO plans in June 2023, Claire's, owned by firms including Elliott Management, remains constrained by ongoing investor and IPO challenges.
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Claire's, known for piercing millions of teens' ears, files for Chapter 11
Mall-based teen accessories retailer Claire's, known for helping to usher in millions of teens into an important rite of passage — ear piercing — but now struggling with a big debt load and changing consumer tastes, has filed for Chapter 11 bankruptcy protection.Claire’s Holdings and certain of its U.S. and Gibraltar-based subsidiaries — collectively Claire’s U.S., the operator of Claire’s and Icing stores across the U.S., made the filing in the…
·Chicago, United States
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Leaning Left34Leaning Right12Center103Last UpdatedBias Distribution69% Center
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69% Center
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C 69%
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