Claire's files for Chapter 11 bankruptcy


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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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
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