Retailers have always loved the idea of owning multiple brands that serve their customers as they get older.
Think of it like the Disney Jr., Disney, and Marvel/Star Wars/The Simpsons trajectory. The company has a product essentially from birth to death (although Disney’s “Mickey meets the Grim Reaper” has never been all that popular).
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That’s not an easy feat to pull off, however, because by nature a brand that aims for teens will likely attract tweens as well. It’s really hard to segment in a way that works as people get older.
We have Baby Gap, and Gap. There’s no Elderly Gap. The same is true for Foot Locker, but that makes more sense for shoes, since size, not age, actually determines where you shop.
For many teenage girls, Claire’s, operating since 1974, has been a rite of passage. That’s where you first get clip-on earrings before braving getting your ears pierced in order to try the real thing.
That chain, which has filed Chapter 11 bankruptcy, calls itself “the fun fashion destination for jewelry, cosmetics, accessories and ear piercing for tweens, teens and young girls between 3 and 18 years of age.”
It has over 2,750 locations globally, but will close over 500 of those as part of its Chapter 11 bankruptcy. What hasn’t been widely reported is that it will fully close its sister brand aimed at older customers.
Most (and maybe all) Icing stores set to close
Icing is Claire’s attempt to age with its customers.
The company offers a simple description of the brand on its website.
“Icing is the jewelry, accessories and cosmetics ‘it’ store for young women between 18 and 35 years of age.”
As part of its Chapter 11 bankruptcy process, Claire’s has hired Hilco Merchant Resources to immediately begin store closing sales.
That has happened in selection locations already, while the chain has been listening to offers for its assets. Claire’s has made it clear that closing down both its namesake and the Icing brand remains a clear possibility.
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Hilco will work “to liquidate all or a portion of the United States and U.S. territory stores in the event a going-concern transaction is not achievable,” according to Claire’s.
Currently, Claire’s has about $500 million in debt and between $1 billion and $10 billion in assets and liabilities.
Claire’s and Icing face unclear future
Claire’s CEO has been both honest and realistic. He shared a statement at the time his company filed for Chapter 11 bankruptcy protection.
“This decision is difficult, but a necessary one. 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,” CEO Chris Cramer said.
That’s a lot of words to say the company’s sales won’t deliver enough revenue to pay bills. Cramer does believe Claire’s has value.
“We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives,” he added.
The initial plan only involved closing select locations, but those numbers have steadily increased as time has passed.
It remains likely that the entire Icing brand will be shut down.
2025 major Chapter 11 bankruptcy action:
- Joann: The fabric and crafts retailer filed for Chapter 11 in January 2025 for the second time in less than a year, citing declining sales. It’s closing all 800 of its stores nationwide.
- Party City: Announced the closure of all its stores by February 2025 after filing for Chapter 11 in January 2023, due to inflation and changes in consumer spending.
- Liberated Brands (Volcom, Billabong, Quiksilver, etc.): Filed for Chapter 11 bankruptcy in February 2025, blaming high interest rates, inflation, and a shift in consumer preferences towards fast fashion. All stores under these brands are closing in 2025.
- Forever 21: Filed for Chapter 11 bankruptcy for the second time in March 2025, citing competition from overseas fast fashion brands and rising costs. The company plans to wind down its U.S. operations and close stores.
- At Home: Announced in June 2025 it would close 26 stores as part of its Chapter 11 restructuring, and later announced six additional closures, although the list has changed multiple times.
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