Teen favorite Claire's has filed for Chapter 11 bankruptcy, after seeing dwindling sales in the last few years.
The mall chain is hoping that filing will help them get rid of some $1.9 billion in debt. They are hoping to rebound from this debt in time for the holiday season, which they are forecasting to be promising.
Claire's is located in more than 7,500 locations (5,300 locations in the United States alone) in 45 countries. The company has about 17,000 employees.
Retailers have stated that the decline in sales may be due to competition from online retailers, struggling malls, and other physical competitors.
The news comes as Toys 'R' Us made the decision to shut down all operations in the United States in the next couple of months.
Claire's stores can be found in about 99% of malls throughout the country.
My Two Cents
I spent a good amount of time and money in Claire's stores as a kid and teen in the 1990s. I hope Claire's rebounds from this. I'd hate to say goodbye to another aspect of my childhood.