Tween retailer Claire's filed for bankruptcy protection for the second time in seven years on Wednesday in the hopes it can reorganize its business and stave off liquidation.

The mall-based boutique, long known for its ear piercing services and eclectic mix of jewelry and accessories, is staring down about $500 million in debt, rising competition and an evolving retail landscape that's made it harder than ever to grow a business profitably.

"This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire's and its stakeholders," CEO Chris Cramer said in a news release. "We remai

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