Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.
Mall Chain Claire’s Files for Bankruptcy
The retailer is looking to reduce its debt by $1.9 billion and emerge from bankruptcy by September.

Hoffman Estates, Ill.--Claire’s Stores Inc., the mass-market fashion jewelry retailer also known for being a place to get your ears pierced, has filed for bankruptcy.
Claire’s filed Chapter 11 in Delaware bankruptcy court, the company said in a statement released Monday.
Claire’s Stores operates two chains, Claire’s and Icing, which targets older shoppers. It sells its products in more than 7,500 locations in 45 countries around the world through company-owned stores, concessions and franchise locations. More than 5,300 of those locations (about 71 percent) are in the United States.
It also said it has pierced more than 100 million ears worldwide.
The retailer’s struggles come largely from a deal it made more than a decade ago--private equity firm Apollo Management bought Claire’s for $3.1 billion in 2007 and took the company private in a leveraged buyout--that left it saddled with debt.
The company also grapples with increased competition from the likes of Walmart and fast-fashion retailers such as H&M, and declining mall traffic.
Even though Claire’s was profitable in 2017, reporting net income of $29 million during the fiscal year, its revenue has slipped from $1.5 billion to $1.3 billion over the past few years.
Just before filing Chapter 11, the company entered into a restructuring plan agreed to by some of its largest lenders and led by Elliott Management Corporation and Monarch Alternative Capital. The plan is expected to reduce its debt by $1.9 billion.
The company said it will continue to operate the approximately 1,600 Claire’s and Icing brand stores in the United States during the bankruptcy process, which it expects to be complete by September. Its international stores aren’t part of the restructuring agreement.
It also said it expects a big expansion in its concessions business—selling branded products at other retailers—by about 4,000 locations this year, but plans to close underperforming company-operated stores while renegotiating leases on others over the next five years, Claire’s said in a filing with the Securities and Exchange Commission.
“This transaction substantially reduces the debt on our balance sheet and will enhance our efforts to provide the best possible experience for our customers,” CEO Ron Marshall said. “We will complete this process as a healthier, more profitable company, which will position us to be an even stronger business partner for our suppliers, concessions partners, and franchisees.”
The Latest

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.


Move over neck mess, the ear story is the way to make a layering statement today.

The New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Holiday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.

Jamie Turner Designs is among the winners of the local “Austin Shines” contest, hosted by Eliza Page, a jewelry store in Austin, Texas.

The red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.

A trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.

Botswana’s president said his country wants a controlling share, while Angola envisions multiple countries holding minority stakes.

The manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.

The jeweler to the stars has worked with Drake, A$AP Rocky, Tyler the Creator, and other celebrities.

The Scarsdale, New York-based jeweler donated a professional-grade watch cleaning machine.

The 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.

De Beers’ refreshed, multipronged approach, which includes generic promotions and retail partnerships, is delivering positive dividends.
They are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.

Jewelry manufacturer Jewelex has partnered with JOSH, an industry training center, on a program for people with disabilities.

The collection includes pieces dating back to the Victorian and Art Deco periods as well as mid-century and late 20th-century designs.

He previously served as co-chair of the nonprofit’s beneficiary committee.

Its second collaboration with the conservationist features jewelry with dove and olive branch motifs.

The diamond manufacturer’s new company will provide accessible and affordable high-quality medicines across India.

Emmanuel Raheb shares tips on how a jeweler’s showcases, marketing, and social media presence can whisper, instead of shout.

The private equity firm has a plan to revive the mall staple.

The “Super Book of Gems” dives into the Mohs Hardness Scale, the Four C’s, and designs from jewelers like Cartier and Bulgari.