Claire's files for Chapter 11 bankruptcy

A Claire's store.
(Image credit: Justin Sullivan/Getty Images)

The teen accessories chain Claire's filed for Chapter 11 bankruptcy on Monday and will close 92 stores this month and in April.

The company announced it has reached an agreement with creditors to restructure $1.9 billion in debt, and is "confident" it will emerge from bankruptcy protection in September. The chain has 1,600 locations in the United States, mostly in malls, which don't have the foot traffic they used to due to competition from big box stores and online merchants. Just remember this: You may be able to buy glittery nail polish and bejeweled headbands online, but good luck getting Alexa to pierce your ears.

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