NEW YORK (AP) — Mall-based teen retailer Claire’s, known for helping to usher teens into a key rite of passage _ ear piercing _ but now struggling with a big debt load and changing consumer tastes, filed for Chapter 11 bankruptcy protection. The bankruptcy filing in the U.S. Bankruptcy Court in Delaware on Wednesday, marked the second time since 2018 and for a similar reason: high debt load and the shift among teens heading online. It follows the bankruptcies of other teen retailers including Forever 21, which filed for bankruptcy protection in March and eventually shut its U.S. business as traffic in U.S. shopping malls fades and competition from online retailers like Amazon, Temu and Shein intensifies.
Claire’s, known for piercing millions of teens’ ears, files for Chapter 11, 2nd time since 2018
FILE - People shop at a Claire's in New York, Saturday, March 17, 2018. (AP Photo/Seth Wenig, File)
