Claire's, the jewelry and accessories retailer catered primarily toward tween and teen girls and a staple in shopping malls nationwide, has filed for Chapter 11 bankruptcy for a second time.
Claire's said in an Aug. 6 release that it initiated voluntary Chapter 11 proceedings to "maximize the value of its business."
The company added it will continue "an active and comprehensive review of strategic alternatives, including discussions with potential strategic partners that began prior to the filings."
Claire's CEO Chris Cramer called the decision a "difficult" but "necessary" one in a statement.
"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," Cramer said.
As Claire's explores its options, its North American retail stores will continue to stay open and operate, the company said. The company has more than 2,750 stores in 17 countries, according to its website .
This is the second time since 2018 the retailer has filed for bankruptcy — and for similar reasons like high debt load and a consumer shift among its primary demographics from in person to online shopping, the Associated Press reported.
Earlier this year, another commonplace shopping mall retailer, Forever 21 , also filed for bankruptcy for a second time and said it was closing all of its stores.
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