Latest news with #HoffmanEstates
Miami Herald
06-08-2025
- Business
- Miami Herald
Troubled retail chain closes stores, files Chapter 11 bankruptcy
The retail apocalypse has continued to grow as a combination of rising labor and product costs driven by inflation, rising interest rates on debt obligations, over-market lease rates, and changing consumer attitudes toward shopping continues to drive retailers to sell assets, close stores, and file for bankruptcy. The teen apparel and accessories sector has faced distress since the Covid-19 pandemic, as major retailers like Justice, which closed down in 2021, and Forever 21, which closed this year, have liquidated in bankruptcy. Related: Beloved sandwich chain franchisee closes in Chapter 11 bankruptcy And now, the parent company of popular teen girls' jewelry and accessories retail chain Claire's has filed for Chapter 11 bankruptcy protection with plans to either sell its assets or liquidate and close its stores. Claire's Holdings LLC and 13 affiliates filed their petition in the U.S. Bankruptcy Court for the District of Delaware, listing $1 billion to $10 billion in assets and liabilities on Aug. 6. The retailer filed for bankruptcy for the first time in 2018, eliminating $1.9 billion in debt. The debtor listed about $690 million in total funded debt obligations in court papers. The debtor's largest unsecured creditors include Studex Corp., owed $10.8 million; Premium Retail Services LLC, owed over $1.6 million; and Inspired Thinking, owed over $1.2 million. The Hoffman Estates, Ill., debtor blamed a challenging environment over the last few years caused by macroeconomic and retail-specific market pressures, including reduced foot traffic in stores, a rise in interest rates, inflation, tariffs, heightened competition from comparable retailers offering substantial discounts, and a disparity between inventory and customer demand, according to court documents seeking authorization to close stores. Rising tariff costs also severely impacted the company. Related: Famous gunmaker files for Chapter 11 bankruptcy, closes Claire's filed a motion seeking approval to liquidate and close 18 stores in 13 states initially and to subsequently close an additional 1,326 locations through further filings. The debtor will likely liquidate and close all of its stores if it is unable to find a buyer willing to continue operations as a going concern. The debtor sought approval to close its Hoffman Estates warehouse and corporate offices, as well. Store closing sales are expected to begin Aug. 8 and conclude by Oct. 31, 2025, according to the store closing motion. Claire's stores in North America and Europe: 1, stores: franchises in the Middle East and South Africa: Store-In-Store Walmart locations: North America and Europe Concessions: 9,000. Claire's operates about 2,300 stores, consisting of about 1,970 Claire's stores in 17 countries throughout North America and Europe, 210 Claire's store-in-store locations in Walmart stores, and 120 Icing stores. It also has 230 Claire's franchises in the Middle East and South Africa, and 9,000 concessions in North America and Europe, according to court papers. Alabama (1)California (2)Illinois (1)Massachusetts (1)Michigan (2)Minnesota (1)New Jersey (1)New York (1)Pennsylvania (1)Tennessee (1)Texas (1)Utah (3)Washington (1). "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," Chris Cramer, CEO of Claire's, said in a statement. "We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives," Cramer said. Don't miss the move: Subscribe to TheStreet's free daily newsletter The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Wall Street Journal
06-08-2025
- Business
- Wall Street Journal
Tween Retail Chain Claire's Files for Bankruptcy, to Close Most Stores
Tween retailer Claire's, a shopping-mall fixture known for ear-piercing and accessories, has filed for bankruptcy for the second time with plans to close more than 1,300 U.S. stores. The Hoffman Estates, Ill.-based retailer sought protection from creditors Wednesday, saying it has been hurt by both macroeconomic and retail-specific challenges like less foot traffic, higher interest rates and tariffs.
Washington Post
06-08-2025
- Business
- Washington Post
Claire's files for Chapter 11 bankruptcy
Claire's, the mall chain known for its kitschy fashion accessories for teens and tweens, filed for bankruptcy Wednesday — its second in seven years — as tariffs gnaw at its margins and its continues to lose ground to online rivals. The chain, based in Hoffman Estates, Illinois, has 2,750 locations in 17 countries, as well as 190 stores operating under its Icing label in North America, according to the company website.
Forbes
20-07-2025
- Sport
- Forbes
Claire Pease Wins, Olympic Veterans Return At 2025 U.S. Classic
Claire Pease (WOGA), silver medal winner Simone Rose (Pacific Reign), and bronze medal winner ... More Joscelyn Roberson (University of Arkansas) pose during the medal ceremony of the 2025 U.S. Classic senior session held in Hoffman Estates, Illinois. First-year senior elite Claire Pease came out on top at the 2025 U.S. Classic in Hoffman Estates, Illinois. The 16-year-old athlete confidently hit all four routines, posting a formidable 54.650 to edge out a field of Olympic and World Champions. The event saw a night of highly anticipated returns for Olympic veterans, accentuated by a surprise appearance from Simone Biles and her husband, Jonathan Owens, a Chicago Bears safety. Olympic Trials finalist Simone Rose clinched all-around silver, followed by Arkansas Gymnastics star and Olympic alternate Joscelyn Roberson in bronze medal position. On the individual events, Claire Pease claimed the win on vault and Myli Lew the win on bars. Winter Cup Champion Ashlee Sullivan clinched the title on balance beam while Reese Esponda tumbled to gold on floor. The event also marked the final qualifying opportunity for athletes hoping to compete at August's U.S. Championships in New Orleans. Learn how the action unfolded in Hoffman Estates, Illinois: Rotation One: The first rotation saw impressive hits multiply across the buzzing arena. Olympic Trials finalist Simone Rose opened the meet with a stuck Yurchenko 1.5 vault, suitable for a second-place ranking after one. Minutes later, 2024 Olympic alternate Joscelyn Roberson was near faultless on her acrobatic skills, sticking her dismount to a massive roar from the NOW Arena crowd. On bars, Olympic Team Champion Hezly Rivera fought through her routine, but ultimately came up short on her dismount, flying forward off the mat. Rivera received a pep talk from coaches Anna and Valeri Liukin on the sidelines, opting to continue with the competition despite the hard fall. Rivera's club teammate Claire Pease also flew forward on her dismount, but was nearly flawless on the bars. With a strong 13.700 score, the 2024 Junior National Champion secured a third-place ranking after one. 2025 Winter Cup Champion Ashlee Sullivan started her night on beam, where she continued her stellar elite season with a hot start. Sullivan nailed her standing arabian for a 13.550 and an event title. In her only routine of the day, Myli Liu nailed her difficult yet clean bar routine to post a 14.050 and claim an early lead. After One: 1. Myli Lew, 2. Simone Rose 3. Claire Pease Rotation Two: World Champion and former Florida Gator Leanne Wong secured a strong start on bars in rotation two. Wong hit her routine without major error, returning to the elite stage with a beaming smile and a near-stuck double layout. Roberson then went to floor, an event where she is widely regarded for her power. The Arkansas gymnast brought massive difficulty, hitting her Moors, one of the most difficult skills on women's floor exercise. However, Roberson posted only a 12.800 due to competing the same tumbling pass twice. Judges only credit a standalone skill once per routine. 2025 Pan American All-Around Champion Jayla Hang opted to compete in just two events in Chicago and started her night on bars. Hang had been struggling with her release moves in training, and fell again tonight under the lights. Rivera's struggles carried from bars to the balance beam. The Olympic gold medalist came off the beam on her acrobatic series to post another sub-13 score. Meanwhile, Pease was elegant and clean for a 13.400, good to maintain a top-three spot. Sullivan seemed keen on continuing her hot start, sticking her opening tumbling run to a large applause. However, the 18-year-old lost her footing on her final pass, resulting in a fall forward to close the routine. Simone Rose maintained her momentum in rotation two, hitting her bars routine and complex dismount to claim the lead moving into rotation three. After two hit routines to start the meet and her best event still to go, UCLA commit Nola Matthews surged into the top three. After Two: 1. Simone Rose 2. Claire Pease 3. Nola Matthews Rotation Three: Roberson opened the second half of the meet with a hit vault, good for a strong 13.700. A former U.S. National Champion on the event, Roberson did not bring her full difficulty to Chicago, opting to only compete one vault instead of her usual two. After a tough start to her competition, Rivera found redemption on floor exercise. Though she incurred two out-of-bounds deductions, the 17-year-old performed beautifully for a 13.850, the day's second-best score. While Rivera competed on the floor, Ashlee Sullivan delivered NOW Arena's second stuck Yurchenko 1.5 of the night, followed by a hit Yurchenko double full from World Champions Center's Dulcy Caylor. Needing a hit beam routine to remain in medal position, Matthews fought for her triple series to open but ultimately came off the apparatus on a jump combination. Just like that, the standings would change again. Next up, Pease delivered on the floor despite struggling during warmups, helping maintain a top-three position. While Pease finished her floor routine, Simone Rose—the current leader—stepped up to the balance beam. The 17-year-old nailed her routine to maintain a lead heading into the final rotation. Leanne Wong closed the rotation on beam, her second and final routine of the night. The veteran and four-time World medalist exuded confidence on the apparatus, flowing through her combinations and sticking her dismount for a 13.300. After Three: 1. Simone Rose 2. Claire Pease 3(tie). Ashlee Sullivan and Joscelyn Roberson Rotation Four: Heading into the final rotation, Rose led Pease by just under half a point. Pease would need her best on vault to challenge, and the budding star delivered. In arguably her best vault of her young career, Pease took a tiny hop on her difficult Yurchenko double full, securing a huge 14.050 – the highest vault score of the night. As the only athlete to compete two vaults, Pease was the de-facto winner on the event. The pressure was on for the next athlete: Simone Rose. As she had already tonight, Rose responded to the occasion, hitting her floor routine for a 13.300. It would not be enough for gold, but handily good enough for the podium. Last up, Joscelyn Roberson on bars. With the entirety of the U.S. National Team cheering her on, Roberson needed a hit routine to fight her way onto the podium. In typical Roberson style, she did just that, hitting her dismount for a strong 13.400. The bronze medal was hers. After Three: 1. Claire Pease 2. Simone Rose 3. Joscelyn Roberson Earlier This Weekend Saturday's action was far from the only notable gymnastics news this weekend. On Friday, star rookie gymnast Lavi Crain won the junior division with a huge 54.450 in the all-around. Crain's total would have won silver in the senior division. In Saturday's first session, four athletes clinched all-around qualifying berths to the U.S. Championships earlier today. Brooke Pierson, Reese Esponda, Ally Damelio, and Harlow Buddendeck posted the necessary 52.000 or higher. Esponda impressed with a 13.950 on the floor in her return from injury—her score ultimately claimed gold after two senior sessions. On bars, Ally Damelio drew gasps from the audience while completing the most difficult bars skill of the competition, the 'Seitz.' Named after German gymnast Elisabeth Seitz, the skill adds an extra twist to the skill typically competed by elite gymnasts. Reese Esponda (World Champions) What's Next In Elite Gymnastics The gymnasts will have a few weeks of training before August's U.S. Championships. Scheduled for August 7-10 at Smoothie King Center in New Orleans, Louisiana, the event will determine the U.S. National Team. Those named to the U.S. National team will be eligible for the 2025 World Championship team selection. The 2025 World Championships will be held in Jakarta, Indonesia, from October 19 to 25. Team USA looks to fill a team of four athletes to compete for individual medals.
Forbes
19-07-2025
- Sport
- Forbes
Junior Gymnast Lavi Crain Secures Massive Win At 2025 U.S. Classic
Lavi Crain (Blue Springs, Mo./Great American Gymnastics Express) competes on the balance beam during ... More the junior session at the 2025 U.S. Classic in Hoffman Estates, Illinois. While the nation's top senior athletes wait to take to the stage on July 19 at the 2025 U.S. Classic gymnastics competition, one junior gymnast is already turning heads in Hoffman Estates, Illinois. 14-year-old Lavi Crain claimed the junior all-around title on Friday, dominating the field by over two full points and finishing in the top two on every event but floor. Crain, an athlete training at Great American Gymnastics Express (GAGE), posted a massive 54.450 to claim the all-around title, defeating Charleigh Bullock in second (52.650) and Kylie Smith (51.800) in third. In the individual events, Bullock stunned fans and judges on uneven bars, posting a dominant 14.400 to claim the win by nearly a whole point. Caroline Moreau won the floor title, executing difficult tumbling to post a strong 13.500. Crain also won gold on vault and balance beam en route to her first U.S. Classic all-around title. Lavi Crain (Blue Springs, Mo./Great American Gymnastics Express), silver medal winner Charleigh ... More Bullock (Spotsylvania, Va./Capital Gymnastics National Training Center) and bronze medal winner Kylie Smith (Loveland, Ohio/Cincinnati Gymnastics) pose during the medal ceremony of the 2025 U.S. Classic junior sessionv held in Hoffman Estates, Illinois. At just 14 years of age, Crain looked like a seasoned veteran on Friday in NOW Arena. But the Missouri native isn't just poised—her scores are internationally competitive. Her all-around score (54.450) would have challenged for the title at multiple major events. Crain's total would have clinched the silver medal at the following major international senior events: the 2025 Asian Championships, Pan American Championships, and European Championships. Tonight's win also marks her fourth straight all-around title in all four meets, maintaining an undefeated season. She began the year with a win at the U.S. Winter Cup, posting the highest beam score of any age group. Crain then took her success across the pond, delivering gold at the Jesolo Trophy. In June, she again claimed gold at the American Classic. Today, she added another 2025 title to her trophy case. With her win, Crain was the first athlete named to represent the U.S. at the upcoming Junior Pan American Games in late August. The event will mark the first continental championship of Crain's young and promising career. She will be joined at the games by Charleigh Bullock, Kylie Smith, Addalye VanGrinsven, and non-traveling alternate Addy Fulcher. However, before she heads to Paraguay with Team USA, Crain will go for her first national title at the U.S. Championships in New Orleans, scheduled for August 7-10. Unsurprisingly, Crain heads to Louisiana as the undisputed favorite for gold. In 2025, Lavi Crain continues to put the gymnastics world on notice. Perhaps even more impressively, the 14-year-old phenom still has years to grow.
