Teen and tween favorite Claire’s has filed for bankruptcy for the second time.
The jewelry and accessory store that is geared to teens filed for Chapter 11 bankruptcy, listing liabilities and assets of between $1 billion and $10 billion, CBS News reported.
The company’s Canadian brand will also start a similar process in that country, Claire’s said in a statement.
“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,” Claire’s CEO, Chris Cramer, said in a news release. “We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”
Stores will remain open during the bankruptcy process, and will continue to pay employees their wages and benefits.
Bloomberg reported before the filing on Wednesday that the company had been looking at restructuring and a potential sale. It had already deferred debt interest payments to keep cash in reserve.
CNN pointed out that Claire’s products are mostly imported from China, Cambodia and other parts of Asia, many areas that have been targeted for tariffs by President Donald Trump’s administration.
Claire’s first filed for bankruptcy in 2018, CBS News reported.
The chain has about 2,750 locations under the Claire’s and Icing brands worldwide, CNN reported.
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