Claire’s, a mall-based teen accessories retailer, has filed for Chapter 11 bankruptcy protection for the second time since 2018, the Associated Press reports.
Claire’s Holdings LLC and some of its U.S. and Gibraltar-based subsidiaries — collectively Claire’s U.S., which operates Claire’s and Icing stores — made the filing Wednesday.
The company cited a high debt load and the shift among teens away from physical stores and toward online options.
Claire’s bankruptcy filing follows those of several other teen retailers, including Forever 21, which filed for bankruptcy protection for the second time in March and ultimately closed down its U.S. business. That, too, came in response to reduced traffic at U.S. shopping malls and steep competition from online retailers like Amazon, Temu and Shein.
Claire’s said that its stores in North America will remain open while it explores strategic alternatives. It operates over 2,750 Claire’s stores in 17 countries throughout North America and Europe and 190 Icing stores in North America.
