The early-aughts mecca of rubber earrings, One Direction merch, and dubious ear piercings is planning bankruptcy, according to Bloomberg.
In an effort to ease over $2 billion in debt, control of the company will pass from Apollo Global Management LLC to lenders. The debt is ten times more than their annual earnings. However, with a Chapter 11 bankruptcy, they could still operate stores.
The store has struggled to remain profitable in the declining mall market. Earlier this year, they faced a small scandal when some of their glitter-makeup kits were found to contain asbestos.
Claire’s future may be uncertain, but the holes they drilled in the ears of millions of teens will live on forever.