(Nexstar)-CLAIRE’s, retail stores at TWEEN’s shopping centers, have submitted bankruptcy, Chapter 11 for the second time in less than a decade.
The Illinois -based company announced on Wednesday that it has started voluntarily in Chapter 11 of bankruptcy procedures in the United States to Dilayer Province “to increase the value of its business.” The Canadian branch is expected to do the same.
“This decision is difficult, but it is necessary.” press release. “Increased competition, consumer spending trends and a continuous shift in brick and mortar shells, in conjunction with our current obligations of debts and macroeconomic factors, requires this measure for Claire and stakeholders. We remain in active discussions with potential strategic and financial partners and are obligated to complete our review of strategic alternatives.”
Currently, Claire stores in North America remain open.
“I would like to express my gratitude to our employees, who continued to work hard in a constantly advanced consumer scene to provide amazing products and experiences to our customers,” said Kramer. “We are still committed to serving our customers and partnership with sellers and real estate owners in other areas during this time.”
Claires, known for her jewelry and accessories at reasonable prices, as well as her fixed service, which was previously provided to protect bankruptcy in 2018. CNBCThe retail seller faces a similar burden now, which is the burden of very slope debt. The growing definitions and competition add pressure now.
Currently, Claire has about $ 500 million of debt and ranges between one billion dollars and 10 billion dollars of assets and liabilities. Quoted by court documents, CNBC Claire’s reports explore the sale of their assets.
Among the other retailers who applied for bankruptcy this year at home and Joan. His colleagues, stores focusing on the commercial center, such as burningAnd he was forced to close dozens of stores.