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Claire’s went from tween mall icon to bankrupt — twice?

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Behind its glittery facade, Claire’s is a financial mess. The tween retail icon behind millions of ear piercings and Y2K accessories filed for bankruptcy in August 2025, closing hundreds of stores and selling its North American business for just $104 million. So how does a brand with $1.4 billion in global sales end up with more than $500 million in debt?

Fast Company staff writer Elizabeth Segran has been covering the company’s ups and downs for years. In this episode of FC Explains, she breaks down the full Claire’s story, from its mall-era dominance and surprising pandemic comeback to its failed IPO, crushing debt load, tariff difficulties, and the rise of sleeker competitors like Lovisa, Studs, and Rowan.

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