Sad Day for Teens: Claire’s Plans Bankruptcy

Claire’s. Photo: Chris Ratcliffe/Bloomberg via Getty Images

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.

Sad Day for Teens: Claire’s Plans Bankruptcy