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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The brand, which faces huge debt and the pressure of new competitors, maintains its shops and employees in office. Its French subsidiary had already been placed in court in July.
Hoffman Estates-based Claire’s, known for piercing millions of teens’ ears, files for Chapter 11, 2nd time since 2018
NEW YORK — 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 LLC 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 United State…
Claire's, your mall's teen-ear-piercing destination, files for bankruptcy with assets and liabilities between $1 billion and $10 billion
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 LLC 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 United States, made the…
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