Claire’s, the mall chain popular among young girls and ear piercing enthusiasts, has filed for Chapter 11 bankruptcy protection.
The company 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. Toys R Us announced last week that it would close all stores after filing for Chapter 11 bankruptcy protection last year.
Claire’s said Monday it is “confident” it will emerge from bankruptcy protection in September, having reduced its debt by nearly $2 billion. It said it can compete with the shift to online shopping, arguing that its “iconic ear piercing services are unmatched and cannot be replicated online.”
Claire’s, based in Illinois, said it has pierced more than 100 million ears since it was founded 40 years ago.