Pre-teen fashion accessories chain Claire’s Accessories is reportedly preparing to file for bankruptcy in the US.
Famed for its ear piercing and pre-teen friendly accessories, Claire’s Accessories is reportedly dealing with a $2billion (£1.4billion) debt bill according to Bloomberg.
The retailer is also said to be finalising a deal which would pass control from private equity firm Apollo Global Management LLC to lenders including Elliott Capital Management and Monarch Alternative Capital.
The move could help ease some of the $2 billion debt load.
However, the news has not confirmed by Claire’s Accessories and it is not known whether any UK stores will be affected.
Claire’s Accessories has been a fixture on the high street since the 1960s and has over 3,000 stores in over 34 countries.
The store says it is the number one ear piercer in the world, piercing on average three million ears a year.
The store has been contacted for a comment.