Claire’s closing almost 300 stores nationwide, including five suburban locations
To the dismay of tweens and teens everywhere, Claire’s is closing 291 U.S. stores, including 16 in Illinois and several in the suburbs, according to the company’s bankruptcy court filing.
A staple at most suburban malls where young kids often get their ears pierced, Claire’s stores in Bloomingdale, Bolingbrook, Deer Park, Northbrook and Wheaton are among those targeted for closing.
The Hoffman Estates-based retailer’s parent company, Claire's Holdings LLC, filed for Chapter 11 bankruptcy protection for the second time earlier this month. The first time was in March 2018.
“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,” said Claire’s CEO Chris Cramer in a news release announcing the bankruptcy filing. “We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”
At the time, the company said Claire’s retail stores in North America will remain open.
Claire’s recently sold its North American business operations to private equity firm Ames Watson for $140 million just weeks after filing for bankruptcy, according to industry sources. The sale is subject to approval by courts in U.S. and Canada.
“We are pleased to have the opportunity to partner with Claire’s and support the next chapter for this iconic brand,” said Lawrence Berger, co-founder of Ames Watson in a news release. “Claire's has built a powerful emotional connection with generations of consumers through its focus on self-expression, creativity, and accessible fashion.”
Founded in 1961 as Fashion Tress Industries, Claire’s is a retailer of accessories, jewelry and toys primarily aimed toward young girls, teens and young women.
Claire’s operates more than 2,750 stores in 17 countries throughout North America and Europe and 190 ICING stores in North America, according to its website.