ANOTHER high street store is planning to file for BANKRUPTCY

12th Mar 18 | News

They're the latest in a long line of high street brands to find themselves in trouble…

High Street chain Claire’s, formerly known as Claire’s Accessories is reportedly planning to file for bankruptcy in the US.

The brand is the latest in a long line of high street favourites to find themselves in financial difficulty.

Last week New Look announced it was closing 60 stores in the coming months in a bid to save the company.

Forever 21 also closed it’s only Irish store earlier in the year as the shop failed to make any profit.

According to Bloomberg, Claire’s is now preparing to file for bankruptcy as the company is in £1.5 billion debt making the retailer “unsustainable”.

Claire’s became popular with Irish teenagers during the late nineties and early noughties with its range of jewellery, hair accessories and make-up and it was also a popular place to get piercings done too.

However it has fell out of popularity in recent years due to the growth of online shopping and their current debt is 10 times more than their annual earnings.

It is unknown if the situation will have any effect on Claire’s stores in Ireland.