Prepare your fragile tween hearts: Claire's Accessories has announced that it will be filing for bankruptcy. Bloomberg reports that the nostalgia-tinged mall chain is preparing to file in the coming weeks as it faces a $2 billion dollar debt. The company plans to file for Chapter 11 bankruptcy, which the report notes is "typical for retailers" and would allow the chain to continue to operate. If you were planning to jump the gun and get your ears pierced or stock up on tattoo chokers, now's the time to do so.
The chain will reportedly be passing control from Apollo Global Management LLC to creditors and investment groups. Because the bankruptcy filing has not yet been made public, many of the details, including whether or not the company will fold completely, remain unclear. The chain's downfall reportedly stemmed from the competition from online retailers and from a business decision the company made almost a decade ago. But it's not the only childhood-loved chain that will be shuttering. Just yesterday, Toys R Us announced that it may be closing all its stores, citing competition from online retailers, too. The world is a cruel and dark place for our childhood.