On Monday, teen jewelry store Claire's filed for Chapter 11 bankruptcy.
According to court documents, by September the company plans to reduce its debt by nearly $2 billion. During this time, all of its approximately 1,600 U.S. stores will remain open.
Like other retailers such as Toys R Us, an increase in online shopping has caused a decrease in the mall chain's sales.
Going forward, the company's business model will continue to rely on a unique service it's offered for 40 years, and something customers can't get online: ear piercing.
