New York • Claire’s, the mall chain that has pierced the ears of millions of teens, has filed for Chapter 11 bankruptcy protection.
It’s just the latest retailer to seek bankruptcy protection, close stores or go out of business entirely as more people skip the mall and shop online. Toys R Us, for example, announced last week that it would close or sell all its stores after filing for Chapter 11 bankruptcy protection last year.
Claire’s said it is “confident” it will emerge from bankruptcy protection in September, having reduced its debt by nearly $2 billion.