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Claire's to seek creditor protection in Canada amid financial struggles

Claire's, an accessories and jewellery chain that was once a go-to store for tweens in its heyday, is seeking creditor protection in the United States and will soon do the same in Canada.The retailer announced in a news release on Wednesday that it has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.The release added that Claire's affiliate operating stores across Canada also intend to begin proceedings under the Companies' Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice.According to the company, the process will allow Claire's to monetize its assets and explore strategic alternatives that could keep it from going into receivership or bankruptcy.This may be bittersweet news for millennials who got their first ear piercings as teenagers at a Claire's, which has been a staple at malls in Canada for decades. Unfortunately, according to CEO Chris Cramer, the business ju...


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