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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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E-Commerce
The National Governors Association is pulling out of an annual meeting at the White House after President Donald Trump declined to invite two Democratic governors, undercutting one of Washington’s few remaining bipartisan gatherings.Trump is still expected to meet with governors at the White House on Friday but the event will not be facilitated by an organization founded more than a century ago to help state leaders from both parties advocate for their interests in Washington. The Republican president had refused to include Democratic Govs. Jared Polis of Colorado and Wes Moore of Maryland and recently blasted them on social media as “not worthy of being there.”In a brief interview Thursday, Polis said he does not have “any ability to get in (Trump’s) head.” Polis said he was nonetheless meeting with governors from both parties while he is in the nation’s capital.“I’ve spent quality time with my colleagues this morning and really learning from one another and taking best practices that Republican or Democratic governors have launched in their state,” he said. “It’s really what these meetings are about.”The episode underscores the confrontational approach Trump has taken during his second term toward state leaders he does not like. He has at times threatened to withhold federal money or send in troops over the objections of local leaders. Now, even a ceremonial White House dinner has become a flashpoint and fellow Republicans openly acknowledge that Trump’s aim as president is not to unify the country.“He’s not putting his mind to it,” Gov. Spencer Cox, R-Utah, said at an event sponsored by Politico. “He’s said very clearly that that’s not who he is.”In an interview Wednesday, Moore said he has “no desire to have beef with the president of the United States.”“I didn’t run for governor like, man, I can’t wait so me and the president can go toe to toe,” said Moore, the NGA’s vice chair. “But the fact that he is waking up in the middle of the night and tweeting about me, I just, I pray for him and I just feel bad for him because that has just got to be a really, really hard existence.” Governors try to stay above the partisan fighting The dynamics are a far cry from the air of bipartisanship that Moore and Oklahoma Gov. Kevin Stitt, a Republican who chairs the NGA, sought to portray as governors began to assemble in Washington. Moore and Stitt shared a stage several times this week swapping jokes and praise.“I have gotten, through the National Governors Association, a really good chance to know the heart of this man and how much he is a great American, loves his country, loves his citizens and is just trying to do the best he can for Maryland,” Stitt said Thursday at the Politico event.After Stitt tried to resolve the standoff between the White House and the Democratic governors last week, Trump blasted him as a “RINO,” short for Republican In Name Only, and accused him of misrepresenting his position. Stitt struck a conciliatory tone Thursday, noting he would participate in White House events.“Politics has a way of just beating you down over time so I can’t imagine being president of the United States,” Stitt said. “He’s got a tough job to do.”Former Maryland Gov. Larry Hogan, a Republican who occasionally disagreed with Trump, said it was a “mistake” for the White House not to include all governors.“There never was a huge amount of real work that got accomplished but it was a nice thing annually to bring all the governors Republicans and Democrats together,” he said in an interview. “I know there’s a lot of friction but it just seems in everybody’s best interest even if you passionately disagree and you don’t like the other person or you’re mad about whatever, it can’t hurt to be in the same room together.”Beyond the White House meeting, some governors also shared pointed criticisms of the administration’s ever-expanding power. They bemoaned the unwillingness of the Republican-controlled Congress to limit Trump’s ambitions and they cast themselves as counterweights to the executive.“Presidents aren’t supposed to do this stuff,” Cox said. “Congress needs to get their act together. And stop performing for TikTok and actually start doing stuff. That’s the flaw we’re dealing with right now.”Cox added that “it is up to the states to hold the line.” Presidential buzz runs alongside the conference As governors cycled through panels and interviews, one question hovered: Who among them might seek the presidency in 2028?Moore and Gov. Josh Shapiro of Pennsylvania were among the potential Democratic presidential contenders in Washington this week. Other Democrats, including Govs. Gavin Newsom of California and JB Pritzker of Illinois, were not in town.Stitt and Moore, during a panel discussion, both declined to rule out a future bid and emphasized their focus on their home states.Gov. Andy Beshear, D-Ky., took a more open approach. He arrived in Washington days after announcing he would release a book this fall and fielded questions at a Center for American Progress event about how he might campaign for president if he enters the race.Asked afterward about his timeline for a decision, Beshear said his focus this year remains on Kentucky and “then after that, I’ll sit down with my family and we’ll consider it.” Joey Cappelletti and Steven Sloan, Associated Press
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E-Commerce
The biggest drama in Hollywood in recent months hasnt been on the silver screen but in the boardrooms of two of the most powerful companies in the industry. In December, streaming giant Netflix announced its intention to acquire legendary Hollywood studio Warner Bros. after its planned separation from Discovery Global. The proposed merger has sparked heated debate in Hollywood about the future of the cinema industry, and now, one of the most successful filmmakers in the world, James Cameron, has entered the fray. Titanic director calls proposed merger disastrous Many in Hollywood have not publicly spoken out against the proposed Netflix-Warner Bros. merger, fearing it could hurt their future employment prospects should it go through. However, as one of the most successful and profitable filmmakers of all time, James Cameron doesnt have to worry about any potential blacklisting. On February 10, Cameron sent a letter to Republican Senator Mike Lee of Utah, who is chairman of the U.S. Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, and thus has significant sway over mergers the size of the one proposed by Netflix. In the letter, which was first reported by CNBC, the Avatar director did not mince words, saying “the proposed sale of Warner Bros. Discovery to Netflix will be disastrous for the theatrical motion picture business that I have dedicated my life’s work to. Camerons three main arguments against the megamerger Cameron’s letter is comprehensive in detailing his opposition to a Netflix-Warner Bros. merger, but most of his points center around three main arguments. First, Cameron says that if the Netflix-WB deal goes through, it will significantly harm the cinema industry. The business model of Netflix is directly at odds with the theatrical film production and exhibition business, which employs hundreds of thousands of Americans, he points out. He noted that Netflix co-CEO Ted Sarandos has in the past called cinemas “an outdated concept. Cameron argues that if Netflix acquires Warner Bros. and, as a result, pushes more of WBs films to streaming instead of a theatrical release, that will result in movie theaters having fewer films to show, which will not only hurt theater chains but also their employees and thus local communities. Cameron notes that while Netflix has committed to maintaining a theatrical window for releases for 17 days, that timeframe is ridiculously short compared to historic norms. Second, Cameron says the merger would likely result in fewer motion pictures being made, which would dramatically impact those who work in the film industry, from PAs to visual effects (VFX) artists to caterers. For instance, on a major film like Avatar, Cameron said that he frequently employs 3,000 people for up to four years. These types of job-creating big-budget films are highly dependent on a healthy exhibition community. If such films are no longer green-lit because the market contracts further, which the Netflix acquisition of Warner Brothers will certainly accelerate, then many jobs will be lost, Cameron wrote. Theaters will close. Fewer films will be made. Service providers such as VFX companies will go out of business. The job losses will spiral. Finally, the Aliens director contends that the Netflix-WB deal would hurt Americas soft power and cultural impact across the globe. At a time when the US trade deficit is a major concern, one of America’s largest export sectors will be negatively impacted,” Cameron wrote. “Which is to say nothing of the cost to our greatest cultural export: movies. “The US may no longer lead in auto or steel manufacturing, but it is still the world leader in movies,” he added. “That will change for the worse. Fast Company has reached out to Netflix and Warner Bros. Discovery for comment. As industry awaits outcome, Netflix stock continues to sink While Camerons letter opposing the Netflix-WB merger likely gives a lot of weight to those who share his arguments, the outcome of the proposed merger is still far from certainnot least of which because Netflix isnt the only one interested in acquiring Warner Bros. Paramount Skydance has launched a hostile bid for Warner Bros. that would also include Discovery Global. Any final agreement would of course need to be approved by regulators. Yet one thing is clear: Since the proposed Netflix-WB merger was announced in December, Netflixs stock price (Nasdaq: NFLX) has taken a beating. On December 5, the day the deal was announced, Netflix stock closed at just above $100 per share. As of market close yesterday, NFLX shares were trading at $77. Thats a 23% drop. On the other hand, shares of Warner Bros. Discovery, Inc. (Nasdaq: WBD) have leapt in the same timeframe. The day before the proposed merger was announced, WBD shares were trading at around $24.55. As of yesterdays close, those shares are sitting at $28.53, a jump of more than 16%.
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E-Commerce
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