Claire’s, Icing on the verge of closing more than 1,000 US stores amid bankruptcy

(FOX40.COM) — The popular mall jewelry and accessories chain Claire’s is on the verge of closing more than 1,000 stores in the U.S. after it filed for another bankruptcy.
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On Aug. 6, Claire’s announced that it voluntarily filed for Chapter 11 bankruptcy for the second time “to maximize the value of its business.” According to court documents, the retailer, which includes the sister-store Icing, is looking for a buyer to purchase the company.

“This decision is difficult, but a necessary one,” said Chris Cramer, CEO of Claire’s. “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.”

Claire’s retail stores in North America will remain open and continue to serve customers while the company continues to explore all strategic alternatives, according to a press release. If Claire’s does not find a buyer or an alternate method to save its stores, more than 1,000 of them in the U.S. and Canada will face closure.