Earlier this month, the popular fashion jewelry and accessories retailer voluntarily filed for Chapter 11 bankruptcy for the second time in less than a decade, sharing in an Aug. 6 statement that the "difficult" decision was a "necessary" one, citing lower consumer spending, sales, less than ideal economic factors and a "shift" away from shopping at physical retail locations.
That said, shoppers and employees alike began to worry when it was later revealed that some 1,110 stores would close by Sept. 7 of this year.
On Wednesday, Aug. 20, Claire's CEO Chris Cramer said in a statement that after working "tirelessly to explore every option for preserving the value of the Claire's business and brand," the company has reached a "definitive agreement to sell a portion of our North America operations to Ames Watson and maximize the value of our company for all our stakeholders."
Related: Major Home Goods Chain Announces More Store Closures
"Claire's has built a powerful emotional connection with generations of consumers through its focus on self-expression, creativity, and accessible fashion. We are committed to investing in its future by preserving a significant retail footprint across North America, working closely with the Claire's team to ensure a seamless transition and creating a renewed path to growth based on our deep experience working with consumer brands."
What Does This Mean for Shoppers?
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