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Teen jewelry retailer Claire's has filed for Chapter 11 bankruptcy protection for the second time. The company, known for its affordable jewelry and ear-piercing services, is seeking to restructure its debts amid ongoing financial challenges.
This marks the second time Claire's has sought bankruptcy protection, with the first filing occurring in 2018. The company has faced increasing competition from online retailers and changing consumer preferences, which have impacted its sales and profitability.
Despite its financial struggles, Claire's remains a popular destination for teenagers and young adults, particularly for its ear-piercing services. The retailer operates hundreds of stores across the United States and internationally.
Claire's aims to use the bankruptcy process to reduce its debt burden and emerge as a stronger, more competitive business. The company plans to continue operations during the restructuring process, ensuring that its stores remain open and customers can still access its products and services.
Claire's hopes to reposition itself to better compete in the market and meet the needs of its customers.