People walk by a Claire’s store on December 11, 2024 in San Rafael, California.
Justin Sullivan | Getty Images
Tween retailer Claire’s filed for bankruptcy protection for the second time in seven years on Wednesday in the hopes it can reorganize its business and stave off liquidation.
The mall-based boutique, long known for its ear piercing services and eclectic mix of jewelry and accessories, is staring down about $500 million in debt, rising competition and an evolving retail landscape that’s made it harder than ever to grow a business profitably.
“This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current…