An iconic retail chain has filed for bankruptcy protection again, for the second time in seven years.
The first half of 2025 wasn't easy for any industry, with several restaurant chains, legendary food companies, massive manufacturers and popular brick-and-mortar stores either announcing mass closures or that the company would be entering into Chapter 11 bankruptcy. Unfortunately, the second half of the year doesn't look to be off to a much better start, with At Home announcing that it would be closing an additional six locations (now totaling over 30 store closures) and now news breaking this morning about another well-known retail chain: Claire's.
The popular fashion jewelry and accessories retailer voluntarily filed for Chapter 11 bankruptcy on Wednesday, citing less consumer spending and sales.
"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," saidClaire's CEO Chris Cramer in an Aug. 6 news release. "We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives."
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"I'd like to express my gratitude for our employees, who have continued to work diligently in a constantly evolving consumer landscape to deliver amazing products and experiences for our customers," Cramer added. "We remain committed to serving our customers and partnering with our vendors and landlords in other regions during this time."
Claire's, which first opened its doors in Chicago in 1961, currently operates more than 2,750 stores across 17 countries in North America and Europe, according to its website. It's geared toward tweens and teens, selling affordable jewelry, hair accessories, purses, soft toys and other fashion items.
Whether shoppers should expect store closures or policy changes in the future as a result of the filing is currently unclear, though, according to sources familiar with the matter who spoke with Bloomberg, the company reportedly skipped some rent payments prior to the bankruptcy filing and is said to be considering a restructuring or sale.
That said, the company confirmed in its Wednesday morning announcement that at least for the time being, all Claire's retail stores in North America will remain open and continue to serve customers while it explores "all strategic alternatives."
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