Claire’s Bankruptcy Hits Illinois With Major Store Closures

A big blow to Claire's today as the fashion and jewelry chain announced it has filed for Chapter 11 bankruptcy and will close nearly 200 stores nationwide. Per WGN TV, Claire's CEO Chris Cramer said in a statement:

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…

Claire’s Bankruptcy and Store Closure Details

The list includes both Claire's locations and Icing shops, which target some slightly older customers. If you needed any more signs that retail has shifted from malls towards online shopping, Claire's filing for Chapter 11 is another.

READ MORE: Going Out of Business Sales Hit Illinois Home Goods Retailer

Which Illinois Stores Are Shutting Down?

Across the state, Illinois is taking a big hit with the Claire's closures, as more than a dozen stores are shutting down, with the Pulaski Promenade and Northbrook Court locations being two of the most high-profile.

Impact on Rockford’s CherryVale Mall

In the Rockford area, the biggest news is that the Icing store at Rockford's CherryVale Mall will also close. For many folks, Icing was a stop along the way during a trip to the mall to pick up low-cost jewelry, accessories, or any other impulse-type buys. It's sad because the CherryVale we used to know and love is no longer the same as it was back in the glory days.

READ MORE: 4 Illinois Kroger Stores Suddenly Closing in August

What Claire’s Closures Mean for Illinois Malls

Of course, Claire's isn't alone because big mall retail shops like Express, Rue21, and Macy's have all faced major financial struggles in recent years. The closing of Icing at the CherryVale Mall is a microcosm of what is happening inside malls in Illinois and across the United States. The question is, will malls reinvent themselves as a place for entertainment, or slowly continue to vanish one by one?