Business

Mall favorite Claire's permanently closes all stores after bankruptcy

The retailer will close all 154 standalone store, but still keep its 350 concessions open. ©Image Credit: Wikicommons/ Mike Mozart

In another blow to the retail industry, Claire's has permanently closed all its standalone stores in the UK and Ireland. All 154 stores will close, which means more than 1,300 workers have been notified.

The financial red flags started piling up

It's not just one factor to blame for Claire's closing up shop, but rather several. The fact that it fell into administration not once, but twice in one year was a massive red flag that the retailer couldn't get past.

The owners of Claire's, Modella Capital, said in January that there was "alarming" low Christmas trading. That seemed to be the final straw.

Claire's couldn't keep up with changes to consumer tastes

Claire's main competition is online giants such as Temu and Shein, both of which offer lower prices and more selection.

"We've moved away from novelty, colorful jewelry for the most part, which is what Claire's is best known for," said Priya Raj, a fashion expert.

"If we think about teens today, they're looking at social media for influence on what to buy, rather than their local High Street or shopping center," said Raj.

Today's jewelry trends are more understated, minimal pieces. It's the whole "curated look" or styling with purpose. Not exactly what Claire's is known for.

It was a pivot that Claire's either couldn't make or didn't want to make, and they paid the price in decreased sales volume.

You can still get a little taste of Claire's

The one bright side for those who love shopping at Claire's is that its 350 concessions will stay open. Sure, you're not getting the selection of a standalone store, but it's still something.

Claire's is facing an uphill battle

For those in the US who like shopping at Claire's, it's also facing an uphill battle. The US arm filed for bankruptcy for a second time just last year. You may want to stock up while you can because Claire's future is looking murky.

Source: BBC

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