Claire’s has declared bankruptcy in the US for the second time in seven years.
The tween accessories retailer, which also has its own brand beauty line C by Claire’s, has commenced voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware to “maximise the value of its business”.
It said within the filing the company has debts of between US$1bn and $10bn.
Canadian affiliate operating stores (Claire’s Canada) also intends to commence proceedings in Canada under the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice.
“This decision is difficult, but a necessary one,” said Chris Cramer, CEO of Claire’s.