Claire’s Begins Restructuring Process in U.S. and Canada
Hoffman Estates, Ill. — Claire’s Holdings LLC, the parent company of global fashion accessories brands Claire’s® and Icing®, announced on August 6, 2025, that it has voluntarily filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. The move includes its U.S. and Gibraltar-based subsidiaries, collectively referred to as “Claire’s U.S.”At the same time, the company’s Canadian affiliate, operating stores across the country (“Claire’s Canada”), plans to commence proceedings in the Ontario Superior Court of Justice (Commercial List) under the Companies’ Creditors Arrangement Act (CCAA). Together, these actions are aimed at maximizing the value of Claire’s business by enabling an immediate monetization process for its assets while continuing an active review of strategic alternatives — including discussions with potential strategic and financial partners that began prior to the filings.CEO Cites Market Pressures and Debt Obligations
“This decision is difficult, but a necessary one,” said Chris Cramer, CEO of Claire’s. “Increased competition, changing consumer spending patterns, and the ongoing shift from brick-and-mortar retail, combined with our current debt obligations and broader macroeconomic factors, have made this course of action essential for Claire’s and its stakeholders.”Cramer added that the company remains in active talks with potential partners and is committed to completing its review process. He also expressed gratitude for the dedication of Claire’s employees, who have continued to deliver “amazing products and experiences” despite the challenges in the retail landscape.Stores to Remain Open During the Process
Claire’s confirmed that its retail locations across North America will remain open throughout the restructuring process, serving customers both in-store and online. Through “first day” motions filed with both U.S. and Canadian courts, the company intends to maintain commitments to employees, vendors, landlords, and customers — including ongoing payment of wages and benefits.Claire’s U.S. also plans to seek court approval for consensual use of cash collateral to ensure sufficient liquidity to sustain operations during the proceedings.Access to Case Information
Details about the U.S. Chapter 11 proceedings, including court filings and the claims process, are available at www.omniagentsolutions.com/claires. U.S. claim inquiries can also be directed to Omni Agent Solutions via phone at (888) 202-5971 (U.S. toll-free) or (747) 293-0183 (international), or by email at [email protected].Information about the Canadian CCAA proceedings can be accessed on the court-appointed monitor’s website at www.ksvadvisory.com/experience/case/claires, by calling +1 (844) 249-2665, or by emailing [email protected].Advisors Guiding the Restructuring
Kirkland & Ellis LLP is serving as Claire’s legal counsel in the U.S., with Houlihan Lokey acting as investment banker and Alvarez & Marsal as restructuring advisor. In Canada, Osler, Hoskin & Harcourt LLP is providing legal counsel to the company.About Claire’s Holdings LLC
Claire’s Holdings LLC is a fully integrated global fashion brand specializing in self-expression through curated products and immersive retail experiences. The company operates owned and concession stores throughout North America, Europe, and other global markets under the Claire’s® and Icing® brands. More information is available at corporate.claires.com.
Hoffman Estates, Ill. — Claire’s Holdings LLC, the parent company of global fashion accessories brands Claire’s® and Icing®, announced on August 6, 2025, that it has voluntarily filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. The move includes its U.S. and Gibraltar-based subsidiaries, collectively referred to as “Claire’s U.S.”At the same time, the company’s Canadian affiliate, operating stores across the country (“Claire’s Canada”), plans to commence proceedings in the Ontario Superior Court of Justice (Commercial List) under the Companies’ Creditors Arrangement Act (CCAA). Together, these actions are aimed at maximizing the value of Claire’s business by enabling an immediate monetization process for its assets while continuing an active review of strategic alternatives — including discussions with potential strategic and financial partners that began prior to the filings.CEO Cites Market Pressures and Debt Obligations
“This decision is difficult, but a necessary one,” said Chris Cramer, CEO of Claire’s. “Increased competition, changing consumer spending patterns, and the ongoing shift from brick-and-mortar retail, combined with our current debt obligations and broader macroeconomic factors, have made this course of action essential for Claire’s and its stakeholders.”Cramer added that the company remains in active talks with potential partners and is committed to completing its review process. He also expressed gratitude for the dedication of Claire’s employees, who have continued to deliver “amazing products and experiences” despite the challenges in the retail landscape.Stores to Remain Open During the Process
Claire’s confirmed that its retail locations across North America will remain open throughout the restructuring process, serving customers both in-store and online. Through “first day” motions filed with both U.S. and Canadian courts, the company intends to maintain commitments to employees, vendors, landlords, and customers — including ongoing payment of wages and benefits.Claire’s U.S. also plans to seek court approval for consensual use of cash collateral to ensure sufficient liquidity to sustain operations during the proceedings.Access to Case Information
Details about the U.S. Chapter 11 proceedings, including court filings and the claims process, are available at www.omniagentsolutions.com/claires. U.S. claim inquiries can also be directed to Omni Agent Solutions via phone at (888) 202-5971 (U.S. toll-free) or (747) 293-0183 (international), or by email at [email protected].Information about the Canadian CCAA proceedings can be accessed on the court-appointed monitor’s website at www.ksvadvisory.com/experience/case/claires, by calling +1 (844) 249-2665, or by emailing [email protected].Advisors Guiding the Restructuring
Kirkland & Ellis LLP is serving as Claire’s legal counsel in the U.S., with Houlihan Lokey acting as investment banker and Alvarez & Marsal as restructuring advisor. In Canada, Osler, Hoskin & Harcourt LLP is providing legal counsel to the company.About Claire’s Holdings LLC
Claire’s Holdings LLC is a fully integrated global fashion brand specializing in self-expression through curated products and immersive retail experiences. The company operates owned and concession stores throughout North America, Europe, and other global markets under the Claire’s® and Icing® brands. More information is available at corporate.claires.com.
