Home Consumer Goods Claire’s Stores files for Chapter 11 bankruptcy

Claire’s Stores files for Chapter 11 bankruptcy

Claire’s Stores Inc., a national jewelry retail chain with a ubiquitous presence in shopping malls, has announced it is filing for Chapter 11 bankruptcy.

claire's storesThe Hoffman Estates, Illinois-based company, which operates more than 5,300 stores in the U.S. under the Claire’s and Icing brands, claims to be in 99 percent of the nation’s malls. Claire’s Stores Inc. held $2.1 billion in debt at the end of last year and vowed to reduce its debt by $1.9 billion. It reported a net income of $28.656 million for the 12 months ending Feb. 3.

In announcing its bankruptcy filing, the company said that “unlike other retailers that have come before it, Claire’s has commenced its restructuring process from a position of unique operational strength.” It added that it was enabling the Chapter 11 process to “effectuate a balance sheet – not an operational – restructuring.”

The company said that it had no plans to shutter its retail operations during the bankruptcy process. Regionally, Claire’s and Icing stores can be found at malls in Yonkers, White Plains, Jefferson Valley, New City, West Nyack, Stamford, Danbury and Trumbull.

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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