Claire’s Accessories is reportedly preparing to file for bankruptcy, according to a story on Business of Fashion. The jewelry store where you first got your ears pierced, tried those technicolor chokers, and stocked up on magnetic earrings might be no longer and we’re pretty much ready to run to a mall right now and buy out all of the accessory trends from the early aughts. You know, just in case.
According to the publication, Claire’s will be passing over control from Apollo Global Management LLC to creditors, including a number of investment groups, as the company is currently facing nearly $2 billion in debt. As the matter has not yet been made officially public, so not all of the details have been revealed. It’s unclear whether or not the company will fold altogether or still remain open as the debt is attempted to be erased.
While there are likely several factors at play, it seems as though much of Claire’s Accessories financial troubles stem from a business decision they made almost ten years ago. Between 2010 and 2013, when mall retail was at its height, Apollo added 350 Claire’s stores to malls around the country reaching nearly 2,700 in total. Today, with the rise in online retail, their profits are falling. Like many other of our favorite brick and mortars from the last two decades, Claire's seems to be struggling to find their place in the now heavily saturated world of fast fashion and internet shopping. RIP my childhood.
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