(NEXSTAR) — Claire's, the mall-based accessories retailer that caters to tweens, has filed for Chapter 11 bankruptcy protection for the second time in less than a decade.

The Illinois-based company announced Wednesday that it was voluntarily beginning Chapter 11 proceedings in U.S. Bankruptcy Court for the District of Delaware "to maximize the value of its business." Its Canadian branch is expected to do the same.

"This decision is difficult, but a necessary one," Chris Cramer, CEO of Claire's, said in a press release. "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. We remain in active di

See Full Page