Jewelry retailer Claire's filed for bankruptcy protection in the United States on Wednesday, its second bankruptcy filing since 2018, according to a court document, highlighting a slowdown in consumer spending that led to lower sales.
The U.S.-based firm listed its estimated assets and liabilities between $1 billion and $10 billion in a filing with the U.S. bankruptcy court in Delaware.
The retailer, backed by Elliott Management and Monarch Alternative Capital, operates more than 2,750 stores across 17 countries in North America and Europe, according to its website.
Founded in 1961 in Chicago, Claire's sells necklaces, bracelets, and accessories, including headphones and soft toys.
The company stated that it has 25,001-50,000 creditors, as indicated in a court filing.
The jewelry retailer filed for Chapter 11 bankruptcy in March 2018, and filed to go public for the second time in late 2021 after its failed attempt to list in 2013.
Claire formally withdrew its IPO plans for the second time in June 2023, according to a filing with the U.S. Securities and Exchange Commission.
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