Delaware County teens may need to go elsewhere to have their ears pierced, as Claire’s, a low-cost jewelry and accessory retailer in the Springfield Mall, could be closing, writes Ariana Perz-Castells for The Philadelphia Inquirer.
Claire’s, a mall staple, has identified 1,300 stores that could close in a Chapter 11 bankruptcy filed Wednesday.
Included on the list is the Springfield Mall store, as well as stores in King of Prussia, Exton, Plymouth Meeting, and at several locations in Philadelphia and New Jersey.
“This decision is difficult but a necessary one,” CEO Chris Cramer said
The stores have been hurt by increased competition, changes in consumer spending trends, and a general shift away from brick-and-mortar retail, Cramer said.
Claire’s has about $500 million in debt and is being impacted by “macroeconomic factors” making the bankruptcy filing necessary, he added.
No other information was provided about store closures in Pennsylvania.
Claire’s stores will remain open while the company talks with “potential strategic and financial partners” as it reviews “strategic alternatives.”
This is the company’s second bankruptcy filing in less than eight years. The first was in 2018 , when it unloaded $1.9 billion in debt.
Read more about Claire’s bankruptcy in The Philadelphia Inquirer.
