Business & Finance

Westfield Claire's to Close This Summer

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Claire's on East Broad Street is expected to close in August. Credits: Jill D'Ambrosio
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WESTFIELD, NJ – Claire’s, the beloved destination for teens and tweens in search of jewelry and accessories, will close its location on East Broad Street in Westfield this August, according to Sherry Cronin, executive director of the Downtown Westfield Corporation.

A for-lease sign appeared in the store's front window earlier this spring. The store manager and a company spokesperson for the Hoffman Estates, Illinois-based Claire’s did not return calls for comment.

“The space is being actively marketed by Jason Gerbsman of Hudson Real Estate,” Cronin said in an email. “Unfortunately, Claire’s is closing many stores.”

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The retail chain's net sales were $412.4 million for the fiscal 2014 fourth quarter, a decrease of $23.1 million or 5.3 percent from the fourth quarter of 2013, according to press release dated March 17, 2015, and posted on the company’s website.

In addition, fiscal 2014 net sales decreased $89.9 million to $1.5 billion, down 1.3 precent from fiscal 2013, the report stated.

A Dec. 3, 2014, article in the Chicago Tribune noted that Claire’s had reported “slightly wider losses in its most recent quarter as sales continue to decline.” Revenues were down almost 2 percent for the quarter to $350.7 million.

“The company also has been closing stores in malls, ending the quarter with 3,472 stores, 63 fewer than it had at this time last year. It plans to close another 80 to 100 stores next year,” the story read. To read the full article, click here.

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