A mall staple for millennials has filed for bankruptcy.
Claire’s, a nationwide retailer for jewelry, accessories and known for free ear piercings filed for Chapter 11 bankruptcy protection in federal court on Wednesday.
According to a statement released on Wednesday, the move is said to help the retailer maximize business value.
“This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire’s and its stakeholders,” saidChris Cramer, CEO of Claire’s. “We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”
Claire’s retail stores in North America will remain open and continue to serve customers while the Company continues to explore all strategic alternatives.
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