Claire’s Stores Inc said on Monday it filed for Chapter 11 bankruptcy protection and expects to reduce debt by about $1.9 billion, as the struggling retailer of girls’ accessories combats a fall in mall traffic.
The UK’s upscale accessories sector may be basking in a wave of foreign tourists attracted by the weak pound, but the situation further down the price scale is less buoyant and Accessorize and Claire's are suffering.
U.S. girls’ accessories retailer Claire’s Stores Inc has hired investment bank Lazard Ltd to advise it on ways to address its debt burden, as several brick-and-mortar store operators suffer from a drop in mall traffic.
Accessory retailer Claire's has denied claims that its products contain tremolite asbestos, after an investigation alleged that the carcinogenic minerals were found in 17 makeup kits sold across nine states.
The back off from Abercrombie & Fitch on Monday about a potential sale shows that mergers and acquisitions for fashion retailers are not the easiest move, only braved by a select few and avoided after a certain age.