Claire’s, a shopping mall staple for four decades known especially for its teen jewelry and accessories, filed for Chapter 11 bankruptcy protection on Monday in Delaware.
The ailing retailer also announced plans to shutter 92 underperforming stores this month and in April; the Claire’s location at Valencia Town Center isn’t among the five planned California closures.
In an attempt to stay ahead of declining sales, Claire’s closed 166 stores in 2016. Still, Claire’s is reportedly saddled today with $1.9 billion in debt.
“This decline may be attributable to several factors, including competition from big box retailers, large tenant closures (leaving malls without an ‘anchor’ tenant to drive foot traffic), and the increased popularity of online shopping,” the company wrote in its bankruptcy filing.
Claire’s is the latest retailer to seek bankruptcy protection, following the likes of Toys R Us, which, under the burden of billions in debt, announced last week that it would liquidate or sell all of its 730 remaining stores.
