Iconic teen retailer Claire's files for bankruptcy again
Claire's, the iconic teen and tween jewellery and accessories retailer, has filed for bankruptcy in the United States for the second time in seven years
Known for its vibrant accessories and ear-piercing services, the chain, familiar to many South Africans through its Clicks partnerships and outlets in malls from Mall of Africa to Canal Walk, now faces an uncertain future.
In Delaware court filings, Claire's outlined plans to close roughly 700 stores across North America, including those under its Icing brand, while seeking a buyer for around 800 remaining outlets.
Upon announcing the filing, Claire's CEO Chris Cramer described the choice as 'difficult, but necessary, citing increased competition, shifting consumer habits, debt obligations, macro-economic headwinds and continued trend away from brick-and-mortar retail stores.
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