Fashion Jewelry Chain Claire’s Goes Chapter 11, Again

By Rob Bates | August 06, 2025

Claire’s, the mall-based fashion jewelry chain that’s long been a favorite of the teen set, filed for Chapter 11 in Delaware court today.

It was the second trip to bankruptcy court in seven years for the Hoffman Estates, Ill.–based company, which has 2,750 locations in 17 countries and also owns Icing, a 190-store women’s jewelry brand.

“This decision is difficult, but a necessary one,” CEO Chris Cramer said in a statement. “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.”

Cramer said the 64-year-old retailer is in “active discussions with potential strategic and financial partners.”

According to the statement, Claire’s North American stores will remain open as the company explores strategic alternatives. However a motion related to the Chapter 11 filing disclosed plans to shut an unspecified number of stores and said Claire’s has been engaged in a dual-track process to either sell its operations or opt for a “full chain liquidation.”

The bankruptcy petition listed liabilities between $1 billion and $10 billion.

This filing was not unexpected. Bloomberg reported this week that Claire’s had been not paying rent at certain locations and had skipped interest payments on a nearly $500 million loan.

Claire’s first filed for bankruptcy in 2018. Since then, it’s been owned by two creditors, Elliott Management and Monarch Alternative Capital. The chain announced plans to go public in 2021 but withdrew its application two years later.

The company’s Canadian subsidiary also filed for creditor protection, in the Ontario Superior Court of Justice.

Claire’s bankruptcy papers can be seen here.

(Photo courtesy of Claire’s)