Jewelry specialist, Claire’s is hoping for a shiny new start after filing for Chapter 11 bankruptcy protection.
The jewelry giant, popular with tweens and found mostly in malls, hopes to balance its books and shed $1.9 billion in debt by September.
“We will complete this process as a healthier, more profitable company,” says Ron Marshall, Claire’s chief executive.
Lighter mall traffic is partly behind sagging sales.
So far, there are no plans to close stores as the company restructures.
Since 1978, Claire’s has also been one of the most popular places to go for ear piercing.
Last year, the company estimated it pierced 3.5 million ears in the U.S.