Popular Retail Brand With 50 New York Locations Files For Bankruptcy

Claire's Fashion Jewelry and Accessories stores have filed for voluntary Chapter 11 bankruptcy. Here's what that means for New York customers.

Claire's currently has 50 store locations in New York State, including Capital Region stores at Wilton Mall in Saratoga Springs as well as Colonie Center Mall and Crossgates Mall in Albany. As of now these stores remain open for business.

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According to a press release, Claire's Holdings LLC and certain of its U.S. and Gibraltar-based subsidiaries (collectively "Claire's U.S."), the operator of Claire's and ICING stores across the United States, today announced that it has commenced voluntary Chapter 11 proceedings.

This decision was made in an attempt to maximize the value of its business. Claire's will now be able to immediately commence the monetization process for its assets. The retail brand will also be able to continue an active review of strategic alternatives, including discussions with potential strategic partners that began prior to the filings.

This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire's and its stakeholders. We remain committed to serving our customers and partnering with our vendors and landlords in other regions during this time. - Chris Cramer, CEO of Claire's.

Claire's retail stores in North America will remain open and continue to serve customers while the Company continues to explore all strategic alternatives.