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Mall Stores Are Dying - Why Claire's Says Its Bankruptcy Will Be Different
20 March 2018, 04:15 | Lionel James
Chris Ratcliffe Bloomberg via Getty Images
Claire's, which had over $1.3 billion in annual sales, joins several other USA retailers in bankruptcy as people increasingly shop online, shunning specialty brick-and-mortar stores.
The company in a statement said it was confident it would come through the restructuring process, and plans to come out of Chapter 11 in September with more than $150 million in cash. And the US bankruptcy filing pertains only to Claire's stores in America, not the company's global subsidiaries.
In fact, while Claire's has been closing stores, it expects to open 4,000 concessions (stores within stores) in 2018, Claire's said on Monday. It said it can compete with the shift to online shopping, arguing that its "iconic ear piercing services are unmatched and cannot be replicated online".
Anchorage is home to three different Claire's stores; one is located in the Dimond Mall, one is located in the 5th Avenue Mall, and one is located in the Northway Mall.
In the Lehigh Valley, the chain operates stores inside the Lehigh Valley Mall, South Mall, Promenade Shops at Saucon Valley and Palmer Park Mall.
A Claire's spokesperson told The Canadian Press that the fashion and jewellery retailer's European and Canadian businesses are not involved in the U.S. Chapter 11 cases, and will continue operating without interruption.
The retail chain said it was entering the restructuring process from "a position of unique operational strength".
Creditors led by Elliott Management and Monarch Alternative Capital have agreed to provide the company with about $575 million of new capital.
Bon-Ton Stores, which owns Younkers, also filed for Chapter 11 protection last month.
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