Claire's filed for bankruptcy in Delaware on Wednesday, marking the second time the teen accessories chain has entered Chapter 11 proceedings.

In its bankruptcy filing, the jewelry retailer listed both its liabilities and assets between $1 billion to $10 billion.

Reached for comment, Claire's referred CBS MoneyWatch to its press release .

"This decision is difficult, but a necessary one," said Chris Cramer, CEO of Claire's, in the company's statement . "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."

Claire's stores throughout the United States will remain open as it explores "s

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