Claire’s Stores, the shopping mall fashion accessories chain where legions of preteens got their ears pierced, is preparing to file for bankruptcy in the coming weeks, according to people with knowledge of the plans.

The chain is preparing a Filing that would result in lenders taking over the company. Claire’s reportedly has a debt load of $2 billion.

According to Fortune, if a chapter 11 filing does happen, it would allow the company to continue operating as it works on a turnaround plan. Unfortunately, that’s not a guarnteee the company would stay in business.

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