Report: Claire's stores to file bankruptcy

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Another staple of the 1990s mall scene may be headed for bankruptcy.

Bloomberg reports Claire's plans to seek Chapter 11 protection as it faces a debt of about $2 billion.

Claire's isn't closing its doors for good quite yet, but like many stores of its ilk, it is faced with finding a long-term plan for an industry with fewer and fewer shopping malls.

The retailer, a go-to for cheap jewelry and fashion items, claims to have pierced more than 100 million ears in the past four decades. Last December, a Rhode Island mother found asbestos in her daughter's makeup, which was purchased from the store.