Claire’s, the fashion and accessories retailer that has been a staple of American malls for decades, has filed for Chapter 11 bankruptcy protection for a second time.

The retail chain, aimed at the teen and tween market, has been struggling with the same headwinds faced by many brick-and-mortar businesses, including the broader shift to online shopping, increased competition, rising prices, and an unsustainable debt load.

In a press release on Wednesday, parent company Claire’s Holdings LLC said it will use the Chapter 11 process to “maximize the value” of its business. That includes exploring a potential sale.

“We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives,” Claire’s CEO Chris Cramer

See Full Page