Claire's Accessories is filing for bankruptcy
The jewelry retailer is $2 billion in debt
Most people know Claire's Accessories as the place where they got their ears pierced. According to a report from Business of Fashion, the retail chain is preparing to file for bankruptcy, as they are $2 billion in debt.
It has not been officially announced if the store of bright-colored chokers and fluffy purses will be closing doors or just relinquishing ownership. According to reports, Apollo Global Management LLC may sell the brand to lenders such as Elliott Capital Management and Monarch Alternative Capital.
Most of Claire's financial trouble came from a business decision made many years ago. Between 2010 and 2013, when mall shopping was its height of popularity, the company expanded by 350 locations. Now, as online shopping has taken away a lot of brick and mortar business, Claire's has felt significant losses.
Consumers have their fingers crossed that a possible change in leadership won't effect the vast selection of hair clips and sprays. Head to your local mall to stock up on all your favorite Claire's accessories before it's too late.