It’s been a rough few years for brick-and-mortar stores and now it’s rumored that Claire’s Accessories could be filing for bankruptcy, first reported by Bloomberg. That’s right mamas—you’re going to have to find a new place for your pre-teen to get his or her ears pierced because the accessory guru may not be around much longer. (Representatives for Claire’s Accessories did not immediately return Red Tricycle’s request for comment.)
It has been reported that Claire’s Stores Inc., will file for Chapter 11 bankruptcy and transfer control from its current management company, Apollo Global Management LLC, to its lenders in hopes of easing its $2 billion debt.
Filing a Chapter 11 means the company is attempting to formulate a plan to turn its finances around, all while making lenders happy while still keeping open our favorite spot to shop for cheap feather boas and stick-on earrings.
You’ll have to keep those memories locked up tight when it comes to shopping for BFF puzzle-piece necklaces, packs of cheap headbands and roll-on glitter because your kids might not get the same chance. With retail shopping taking a dive when it’s anywhere other than online, there’s no telling if Claire’s can bounce back from bankruptcy.
We’ve seen the likes of too many of our childhood stores not being able to survive the economy, like Payless (goodbye amazing BOGO deals) and possibly even Toys”R“Us, which could be closing ALL of its U.S. stores.
We can only hope that the scrunchie gods can save Claire’s before it’s too late.
Will you be sad to see Claire’s go if they can’t survive a bankruptcy filing? Let us know in our comments below.
Featured photo: Stephen Spencer via Flickrr