Claire’s jewelry chain and hub for ear piercings at malls across the country has filed for chapter 11 bankruptcy.
Claire’s, which says it has pierced more than 100 million ears around the world, reached a restructuring agreement with its creditors.
In a Chapter 11 bankruptcy filing on Monday, Claire’s said it will reduce its debt by $1.9 billion. It held $2.1 billion in debt at the end of 2017.
According to a statement on the company’s website, they are “pursuing a financial restructuring in order to eliminate a substantial portion of debt…”
The company will continue to operate its approximately 1,600 Claire’s and Icing brand stores in the United States during the bankruptcy process and expects to complete it by September, according to CNN.
Claire’s has at least a dozen stores in the Tampa Bay area.
Claire’s joins a long line of retailers that have filed for bankruptcy, including Toys “R” Us, Payless Shoes, Gymboree, Rue21, The Limited and RadioShack.