Overview

• Claire’s US and its Canadian affiliate filed for Chapter 11 in Delaware on August 5 and CCAA protection in Ontario on August 7 as part of a debt restructuring.
• U.S. Bankruptcy Court approved first-day motions for cash collateral use, ensuring uninterrupted North American store operations and continued employee wages and benefits.
• The company has launched a stalking-horse sale process for its North American arm while contracting Hilco Merchant Resources to liquidate locations if no buyer emerges.
• Court documents project closures of at least 700 U.S. mall stores by early September under the liquidation plan.
• The proceedings apply only to North American Claire’s and ICING operations, affecting about 1,260 standalone outlets and 210 Walmart shop-in-shops, with 850 international stores excluded.