This mall chain is the latest to file for bankruptcy protection

Credit Walden Galleria

Claire's, a mall chain that has pierced the ears of millions of teens and has nine south Louisiana locations, has filed for Chapter 11 bankruptcy protection.

Claire's, the fashion and jewelry mall retailer, is filing for Chapter 11 bankruptcy.

The company comprises 7,500 stores, concession locations, and franchise stores under the Claire's and Icing brands.

The company in a statement said it was confident it would come through the restructuring process, and plans to come out of Chapter 11 in September with more than $150 million in cash. Toys R Us announced last week that it would close or sell all its stores after filing for Chapter 11 bankruptcy protection a year ago.

The Company's restructuring efforts are supported by holders of approximately 72% of the Company's First Lien Debt, 8% of its Second Lien Notes, and 83% of its Unsecured Notes.

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"The company's iconic ear piercing services are unmatched and can not be replicated online", the company said. So you don't need to throw your bottle of piercing cleaning solution at the wall just yet; the stores aren't all closing, and Claire's plans to stay in business. Last year, it had more than 4,000 stores around the world.

Claire's, which specialises in ear piercing, fashion jewellery and accessories for young women, is the latest United States retailer to run into trouble.

The company accrued the almost $2 billion debt after Apollo Global Management LLC purchased it for $3.1 billion in 2007.

Creditors led by Elliott Management and Monarch Alternative Capital have agreed to provide the company with about $575 million of new capital. "We will complete this process as a healthier, more profitable company".

The announcement comes days after Toys "R" Us said it plans to liquidate its USA operations and other businesses.

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