NEW YORK >> Claire’s, the mall chain that has pierced the ears of millions of teens, has filed for Chapter 11 bankruptcy protection.
The accessories chain, which has outlets in Hawaii, said Monday that its stores will remain open as it restructures its debt.
It’s just the latest retailer to seek bankruptcy protection, close stores or go out of business entirely as more people skip the mall and shop online. Toys R Us, for example, announced last week that it would close or sell all its stores after filing for Chapter 11 bankruptcy protection last year.
Claire’s said it is “confident” it will emerge from bankruptcy protection in September, having reduced its debt by nearly $2 billion. It believes it can compete with the shift to online shopping, arguing that its “iconic ear piercing services … cannot be replicated online.”
Besides the Claire’s chain, the company also operates Icing stores. Both sell earrings, lip gloss, iPhone cases and other accessories.
Weinstein Co. to sell film assets in bankruptcy
Weinstein Co., the troubled movie company that failed in the wake of sexual harassment claims against co-founder Harvey Weinstein, filed for bankruptcy with plans to sell its entertainment assets.
Under a deal the company announced in a statement Monday, Weinstein will sell itself to an affiliate of Dallas-based Lantern Capital Partners.
The film studio, founded in 2005 by Weinstein and his brother Bob, sought protection in Wilmington, Del., listing as much as $1 billion in debt and $1 billion in assets. Weinstein was fired, and has denied nonconsensual sex.
The company also agreed to release any women who settled sexual harassment claims involving the company from their nondisclosure agreements, freeing them to tell their stories without fear of being sued.
Fed set to raise rates as Powell takes charge
WASHINGTON >> The Federal Reserve’s first meeting under Jerome Powell’s leadership likely will end Wednesday with an announcement that the Fed will resume its modest interest rate hikes.
If economic growth picks up and the job market remains healthy, the Fed is viewed by economists as likely to accelerate its rate hikes, from the three it projected in December to four this year.
ON THE MOVE
Hawaii Community College Alumni & Friends has announced that Lacy Deniz has been honored with the 2018 Alumni of the Year Award for the HCC campus. While being recognized for the award last month at the Manono campus in Hilo, she answered students’ questions about how to succeed in college. Deniz is the traffic reporter on Hawaii News Now “Sunrise” and will be a keynote speaker at HCC’s commencement ceremonies in May.
The Hawaii State Commission on the Status of Women has announced that Khara Jabola-Carolus is its new executive director. Jabola-Carolus’ experience, with a strong academic background, includes serving in legislative advocacy and community organizing.
Morgan Stanley has announced that Jimmy Bennett, CFP, has been promoted to senior vice president from first vice president. He is a partner of The Van Der/Pyl/Ehrman/Lee/Bennett/Ching Group. Bennett joined the firm in 2000 and has worked in Morgan Stanley’s Honolulu, New York and San Francisco offices.
