Claire’s Holdings LLC (Hoffman Estates, Ill.) has declared bankruptcy in the U.S. and Canada. A staple of many shopping malls, the retailer known for ear piercings, jewelry and accessories aimed at young girls and teens cited a variety of economic headwinds for the separate filings in the two countries.
In its news release on the filings, Claire’s said its retail stores in North America will remain open while it explores strategic alternatives. However, according to a variety of news sources, initial court filings show Claire’s is closing 18 underperforming stores, and that more may follow.
“This decision is difficult, but a necessary one,” said CEO Chris Cramer. “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.
“We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”
The retailer, which previously underwent a major downsizing as part of a 2018 bankruptcy proceeding, has just under 1400 U.S. stores. (The number of Canadian stores was not immediately available, but a store locator on its website showed it operates about a dozen stores apiece in such major cities as Toronto and Vancouver, B.C.) It also operates 190 Icing stores in both countries.
Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson
When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren.
For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish.
"Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful."
The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing."
Smith's recommendation is emphatic: "I would never be able to do what they did by myself."
