After filing for bankruptcy last week, Claire’s, the low-cost jewelry and accessory retailer, has identified over 1,300 stores that could be closed, including one in Chester County, writes Ariana Perez-Castells for The Philadelphia Inquirer.
“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,” said Claire’s CEO Chris Cramer.
Facing approximately $500 million in debt, the company is currently in discussions with potential strategic and financial partners as it evaluates different strategic alternatives.
The company has filed for bankruptcy for the second time in eight years. It already shed $1.9 billion in debt during its 2018 filing.
Currently, Claire’s operates around 2,750 stores across North America and Europe, which are aimed at teens and tweens. There are also 190 ICING stores in North America, designed for customers between 18 and 35 years old. Pennsylvania is home to 46 of these locations.
Among the stores that have already been marked for potential closure is the Main Street at Exton location.
Read more about Claire’s filing for bankruptcy again and possibly closing a Chester County store in The Philadelphia Inquirer.
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