Mall accessories chain Claire's lost $570 million in the fourth quarter. The cause is obvious: no one's shopping there. But also, $297 million of the losses are due to goodwill impairment, which basically means the brand has lost a lot of its value. Because plastic bracelets with Claire's tags were worth so much more two years ago. If you're hoping this means a quick and quiet death to hers-and-hers friendship necklaces for 11-year-old best friends everywhere, don't get too excited. Though same-store sales were down 7.2 percent, first-quarter sales are only "slightly negative," indicating that those numbers are stabilizing. “The economic turmoil that continued through the third quarter worsened in the beginning of the fourth quarter and definitely impacted sales as traffic softened and the customers stayed away from nearly any shopping experience,” chief executive officer Gene Kahn said (emphasis ours, to make him feel better).
The chain was forced to close 120 stores in the fourth quarter. But they also opened fifteen. Maybe they found some really cheap space to lease in malls and they're trying to catch runoff from the throngs of tweens buying Twilight T-shirts at Hot Topic. If Claire's knows what's good for it, it will jump on that bandwagon. Lip-gloss rings are out. Photos of a slightly disheveled Robert Pattinson are in.
Most Viewed Stories
Rob Kardashian and Blac Chyna Reportedly Broke Up
Donald Trump Spent the Morning After the Debate Fat-Shaming Miss Universe, Again
It’s Finally Possible to Understand What Happened to Amanda Knox
Hillary Clinton’s Sickest Debate Burns
Ask a Boss: My Co-worker Wants Everyone to Call Her Boyfriend Her ‘Master’!
2009 Called — It Wants Its Vogue-Versus-Bloggers Fight Back.
22 Intimate Lost Photos of Marilyn Monroe
Former Miss Universe Becomes U.S. Citizen So She Can Vote Against Trump
Area Woman Interrupted by Man 25 Times in 26 Minutes
Our Scowling Hero Breaks a Smile
From Our Partners
Who What Wear
powered by PubExchange
Latest News from The CutKim Kardashian Says She Developed Thick Skin for the Haters Thanks to Kanye West
She says she used to cry when mean things were said about her.Chelsea Clinton Says She Didn’t Initially Know Her Mom Had Pneumonia Because She Was Trying to Power Through It
She says she found out when her mom showed up at her apartment.Men Who Protested Ryan Lochte’s Presence on Dancing With the Stars Are Charged With Misdemeanors
Two men were charged with two counts of misdemeanors on Monday.Serena Williams Refuses to ‘Stay Silent’ About Racial Inequality
“It’s not how far we have come but how much further still we have to go.”Young Girl Calls for End to Police Brutality in Heartbreaking Speech
It’s a devastating plea.The Y Has Returned in a Big Way to YSL
This is what Saint Laurent looks like post-Hedi.The Most Dramatic Backstage Photos You’ll See All Fashion Month
Preview the book Landon Nordeman: Out of Fashion.Even 100 Years Ago, People Were Worried About Technology Ruining Relationships
An old cartoon echoes some very modern anxieties.This Lipstick Was Designed by a Woman Who Can See 100 Million Colors
Maureen Seberg can see so many more colors than you.Brad Pitt Skipping Premiere to Focus on ‘Family Situation’
The actor may be gearing up to tell his side of the story in the tabloids this week.
He will be cold without it.The President of NARAL on What Abortion Means in This Election
It signals how the candidates feel about women.YogaToes Cured My Lifelong Fear of Bunions
The stretch feels like a backbend—but for your feet.Amy Schumer Just Broke a Major Milestone for Women in Comedy
She’s the first woman to land on Forbes’s list of the highest-paid comedians.The Very Uncomfortable Experience of Rewatching Election in 2016
An ambitious woman and the angry men who want to stop her.Ivanka Trump Is Great for Women, Says Man Married to Ivanka Trump
Ivanka Trump is the perfect person to handle “women’s issues,” according to her husband.World’s First 3-Parent Baby Is a Healthy Boy
He was born in Mexico to Jordanian parents.Nation Recovers From Post-Debate Hangover With Mary J. Blige and Hillary Clinton Memes
“What will you do to fix the national epidemic of hateration in this dancerie?”The Hottest Party of the Year Is This 6-Year-Old’s Drake-Themed Birthday Party
It has everything: an OVO cake, Drake balloons, fake money.See Haute Couture’s Most Romantic Looks
Intricate pieces, out for a stroll around Paris.