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Claire's, the popular tween accessory retailer, is set to close 235 of its locations as part of its bankruptcy proceedings, marking the second time in seven years the company has filed for bankruptcy. The closures include the store on Stanley K Tanger Drive in Lancaster. According to a court filing, Claire's has agreed to sell a portion of its North American operations to private equity firm Ames Watson for $104 million, which will pause liquidation at some stores. However, the filing did not specify when the closures would occur.
Claire's plans to close a total of 291 stores in the U.S., including 56 locations of its sister store, Icing. The company, based in Hoffman Estates, Illinois, near Chicago, has struggled with competition from online fast fashion sites like Shein and Temu, as well as rising interest rates and inflation.
Ames Watson plans to preserve Claire's retail chain in a downsized form, maintaining a significant retail footprint across North America. The company currently operates over 2,300 retail locations in 17 countries and 9,000 concession kiosks within malls.
Among the states with the most closures are California with 25, New York with 18, and Illinois and Pennsylvania with 16 each. The company continues to explore options to preserve its brand value during restructuring proceedings.