Claire’s Jewelry Chain Files For Bankruptcy
CLAIRE'S FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION
(CNN) – The place where millions of girls first got their ears pierced has declared bankruptcy.
Claire’s filed for Chapter 11 protection Monday morning.
The tween jewelry chain says it will reduce its debt by $1.9 billion.
During the process the company will continue to operate its approximately 1,600 Claire’s and Icing brand stores in the United States.
International stores are not part of the restructuring agreement.
Claire’s becomes the latest U.S. retailer to seek financial help from a bankruptcy court.
Toys “R” Us said last week it was liquidating all its stores in the U.S.