(CNN) - The place where millions of girls first got their ears pierced has declared bankruptcy.
Claire's filed for Chapter 11 protection on Monday morning.
The tween jewelry chain said it will reduce its debt by $1.9 billion.
During the process, the company will continue to operate its approximately 1,600 Claire’s and Icing brand stores in the United States.
International stores are not part of the restructuring agreement.
Claire's is the latest U.S. retailer to seek financial help from a bankruptcy court.
Toys "R" Us said last week, that it was liquidating all of its U.S. stores.
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