Claire's, the ear-piercing mall chain, files for bankruptcy!

Show of hands...who got their ears pierced in a mall at Claire's when they were a teenager? 

Many of us are familiar with the chain which is typically found in malls over the US. Sadly, Monday, Claire's joined the ranks of Toys R Us and has filed for Chapter 11 bankruptcy protection.

The company said Monday that its stores will remain open as it restructures its debt.

Claire's said Monday it is "confident" it will emerge from bankruptcy protection in September, having reduced its debt by nearly $2 billion. It said it can compete with the shift to online shopping, arguing that its "iconic ear piercing services are unmatched and cannot be replicated online."

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Photo: Getty Images

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