Claire’s to close Guaynabo store as part of bankruptcy
Claire’s Holdings LLC, which operates the Claire’s and Icing retail chains, announced the closure of its Plaza Guaynabo location in Puerto Rico as part of a broader plan to shut down about 800 stores in the United States.
The retailer earlier this month filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. It also filed a separate petition for its Puerto Rico operation, Claire’s Puerto Rico Corp.
The company has 10 stores on the island, including locations in San Juan, Carolina, Barceloneta, Ponce, Mayagüez, Aguadilla, Bayamón, Caguas, Guaynabo and Hatillo. Among the most notable shops is the San Juan store at Plaza Las Américas, the Caribbean’s largest shopping mall, as well as another at The Outlets at Montehiedra in San Juan and one at Puerto Rico Premium Outlets in Barceloneta. So far, the Guaynabo store is the only one identified for closure.
“This decision is difficult, but a necessary one,” Claire’s CEO Chris Cramer said upon filing for the court’s protection. “Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire’s and its stakeholders.”
Cramer added that the company remains “in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”
