(NEXSTAR) — More than a dozen Claire's stores, as well as a few Icing locations, are set to close in the coming weeks after the former filed for bankruptcy.

Illinois-based Claire's, which also operates Icing, announced Wednesday that it was voluntarily beginning Chapter 11 bankruptcy proceedings "to maximize the value of its business."

"This decision is difficult, but a necessary one," Chris Cramer, CEO of Claire's, said in a press release, citing pressure from "increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail," as well as debt obligations and "macroeconomic factors."

"We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives," he added.

In t

See Full Page