Claire's declares bankruptcy, plans to keep stores open

Claire's Accessories

Claire's Stores has become the latest retailer to go under as ever fewer people go to brick-and-mortar locations and more people shop online.

However, in court filings and a company release today, Claire's sought to distinguish itself from peers that have taken the bankruptcy route, stating that it is "utilizing the Chapter 11 process to effectuate a balance sheet - not an operational - restructuring".

The company does not expect the restructuring to affect its stores and operations in the United Kingdom and across Europe.

"Its plan to survive rests on its reputation for trendy merchandise and a unique service that it says can't be replicated by shopping online: ear piercing", reported Bloomberg News.

The fate of its 7,500 North American stores, including three in McAllen, and one each in Harlingen, Brownsville and Mercedes, isn't yet known.

Canada has its best Paralympic Winter Games ever
Arendz won his medal by 10.8 seconds over Ihor Reptyukh of the Ukraine, who finished in fourth place with a time of 24:37.9. Adam Hall has won gold in the men's slalom on Saturday, his second medal at the Paralympics this week.

He said the costs of servicing that debt has "impacted the Debtors' ability to refresh store locations, drive product and growth initiatives, and further enhance their customer experience". In 1978, it kicked off its signature ear-piercing business; in its filing, the company boasted its punched holes in 100,000,000 ears. And the firm said that mall traffic declined 8 percent in the past year.

Claire's Stores Inc., a fashion accessories chain, has filed for bankruptcy. The company also had too much debt, costing it $183 million a year alone in interest payments, he said.

The Ad Hoc Group of First Lien Creditors has agreed to provide Claire's with $575 million of new capital if it completes its Restructuring Support Agreement.

Claire's filed for Chapter 11 protection Monday morning.

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