It's Official: Claire's Files for Bankruptcy; Mall Location Likely Fine as Chain Says Stores won't be Closing
By Connect-Bridgeport Staff on March 20, 2018 via Connect-Bridgeport.com
According to this report by USA Today, mall jewelry chain Claire's Stores has filed for Chapter 11 bankruptcy protection, hoping to escape huge debts preventing the company from shimmering in a dim environment for retail.
Claire's is another victim of a string of private equity buyouts orchestrated by outside investors who loaded up on debt about a decade ago, saddling retailers with burdensome payments.
Others included Toys R Us, which last week gave up its fight to restructure its operations and decided to liquidate all of its U.S. stores, barring a last-minute chance to keep the 200 best locations open.
The retailer, which sells products in more than 7,500 locations in 45 countries and employs about 17,000 people, signaled no plans to close stores.
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