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Business

Report: Claire's on the verge of bankruptcy

The retail apocalypse continues as Claire’s Inc. prepares to file for bankruptcy, according to a Bloomberg report.

“Claire’s, which at one time was the most profitable chain in the business, has become a complete train wreck,” retired retail consultant Howard L Davidowitz told The Washington Post in 2017.

At that time, Davidowitz
said Claire’s was right in the middle of what he called the “mass destruction of America malls.”

About $2 billion in debt could force the fashion accessories chain to file for Chapter 11 bankruptcy, according to Bloomberg.

Chapter 11 allows companies to reorganize debt. It’s the same kind of bankruptcy Toys R Us, Inc. initially filed for in 2017. The toy company has changed its plan since then and now wants to file for Chapter 7, which wipes out debt. That move also means the toy company would be forced to close all remaining stores.

Claire’s hasn’t released information about filing for bankruptcy or closing stores.

The retail chain has a location at Northland Mall in Sterling.

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©2018 the Belleville News-Democrat (Belleville, Ill.)

Visit the Belleville News-Democrat (Belleville, Ill.) at www.bnd.com

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