Accessories and jewelry retailer Claire’s Stores is reportedly mulling a sale of its business amid challenges brought about by tariffs and rising competition.

The company has tapped Bankers at Houlihan Lokey to lead the search for potential buyers, Bloomberg reported, citing people with knowledge of the matter.

The sale will include part or all of Claire’s operations and store network in North America and Europe. It currently operates more than 2750 stores under the Claire’s and Icing banners, alongside over 300 franchised stores in the Middle East and South Africa.

Former creditors including Elliott Management and Monarch Alternative Capital took control of the business after it emerged from bankruptcy in 2018.

According to Bloomberg, the retailer has been struggling with rising import costs and reduced consumer demand due the US trade tariffs. It is also facing heightened competition from online competitors such as Amazon.

The company is sitting on a nearly $500 million loan due in December next year and recently chose to defer interest payments on its debt to conserve cash.

Claire’s reported sales of approximately $1.3 billion last year.