Claire's Holdings LLC has filed for bankruptcy protection in the U.S. and will soon file in Canada under the Companies' Creditors Arrangement Act. The retail company will keep its North American stores open while it seeks to monetize assets and explore strategic alternatives. CEO Chris Cramer described the decision to file for creditor protection as necessary due to increased competition, changing consumer spending trends, and a shift away from brick-and-mortar retail. Claire's operates over 2,750 stores worldwide, selling jewelry and cosmetics primarily to young girls and offering ear-piercing services.
Claire's Holdings LLC has filed for bankruptcy protection in the U.S. and plans to file in Canada, while keeping North American stores open during this process.
The filing is aimed at monetizing assets and exploring strategic alternatives amid increased competition and changing consumer spending trends.
CEO Chris Cramer stated that the decision to seek creditor protection was difficult but necessary to navigate the ongoing shift away from brick-and-mortar retail.
Founded in 1974, Claire's operates over 2,750 stores in 17 countries, focusing on accessories and cosmetics for girls aged three to 18.
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