High street accessories giant announces parent company’s bankruptcy
The company behind Claire’s Accessories, which has had branches in Welwyn Garden City and Hatfield, has filed for bankruptcy in the USA.
Claire’s Stores, Inc – the company behind the nation’s favourite teen trinket shops – announced a financial restructure on Monday March 19 in order to eliminate a substantial portion of debt from its balance sheet.
Claire’s Accessories has a branch in Welwyn Garden City’s Howard Centre, and until February 2017 it had another in Hatfield’s Galleria.
The company, which has 328 shops and 128 concessions in the UK, has sought to reassure customers that the US bankruptcy filing will not affect any of its UK stores.
As the latest high street victim of online shopping, the company argues that its ear piercing services give it a unique advantage over the internet.
A statement read: “The company’s iconic ear piercing services are unmatched and cannot be replicated online.”
Ron Marshall, chief executive officer for Claire’s Stores, Inc., said: “This transaction substantially reduces the debt on our balance sheet and will enhance our efforts to provide the best possible experience for our customers.
“We will complete this process as a healthier, more profitable company.”