"For years, the tween jewelry retailer has struggled to find its footing amid dying mall culture. In August, it filed for Chapter 11 bankruptcy protection for the second time in seven years, citing the "continued trend away from brick and mortar" and higher interest rates. It has since agreed to sell its North American business, including at least 795 stores, to private equity firm Ames Watson in a deal worth $140 million."
"Time machines haven't been invented yet, but stepping into my local Claire's felt like going back to my childhood. When I was younger, Claire's was a staple for affordable jewelry and flavored lip balms. However, today's teens and tweens seem to be obsessed with beauty and skincare brands found at retailers like Sephora. On Thursday, a Downtown Brooklyn Claire's was running a "Buy 3, Get 2 Free" sale, and I went to check it out."
Claire's continues to sell affordable jewelry, flavored lip balms, and tween-focused accessories that evoke mall-era nostalgia. Contemporary teens and tweens increasingly favor beauty and skincare brands carried by specialty retailers such as Sephora. A Downtown Brooklyn Claire's ran a "Buy 3, Get 2 Free" promotion during a recent store visit. The company filed for Chapter 11 bankruptcy protection in August for the second time in seven years, citing the continued trend away from brick-and-mortar retail and higher interest rates. Claire's agreed to sell its North American business, including at least 795 stores, to private equity firm Ames Watson for $140 million and planned to close about 290 U.S. stores, including Claire's and Icing locations. Claire's declined to comment. The brand still targets teens, tweens, and children, but customer engagement appears uncertain.
Read at Business Insider
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