USATODAY reports that Claire's jewelry store is falling in line behind Toys "R" Us and Gymboree by filing chapter 11 bankruptcy. The department store filed chapter 11 bankruptcy in hopes to avoid paying off large debts.
Ninety-nine percent of malls in America contain a Claire's, and the company employees, 17,000 people.
Claire's has secured its support for a comprehensive debt-cutting campaign, states USATODAY. Its largest lenders include hedge funds Elliott Management and Monarch Alternative Capital.
Claire's does not only sell pre-teen jewelry and pierce ears, but the retail store also has an alternative brand called Icing, which is geared toward adult women. USATODAY states Claire's has successfully pierced more than 100 million ears across the world.
With 7,500 locations in 45 countries (5,300 being U.S. stores), Claire's claims to be "confident" it will overcome its bankruptcy filing and shed $1.9 million of debt.
According to Business Insider, Claire's has made plans to close 92 stores, but it intends to be a healthy, well-budgeted company by September.