Americas teens may have to find somewhere else to get their ears pierced. Claires, the chainstore known for its tween jewelry and ear piercing, declared bankruptcy on Monday, the latest retailer to succumb to the online shopping revolution.
Claires made the move as it announced it was looking to restructure $1.9bn in debts it built up after being taken over by Apollo Global Management in 2007. The company has struggled as mall traffic has declined and becomes the latest mall fixture to declare bankruptcy following Toys R Us and Sports Authority.
The company operates 7,500 stores across the world and, according to court filings, has pierced over 100,000,000 ears worldwide.
The retailers international subsidiaries are not part of the …
Read the full article at: https://www.theguardian.com/business/2018/mar/19/claires-bankrupt-accessories-stores-latest-filing
