Claire's, the popular jewelry retailer, has filed for Chapter 11 bankruptcy due to a combination of financial struggles and external pressures, including tariffs. The company, which has been a staple in malls across the country for years, has faced declining sales and increased competition from online retailers.

According to reports, Claire's will restructure its debt and close several underperforming stores as part of the bankruptcy process. The decision comes as no surprise to industry analysts who have been monitoring the company's financial situation for some time.

The impact of tariffs on Claire's products, which are largely imported from overseas, has played a significant role in the company's financial woes. As trade tensions continue to escalate, many retailers are facing increased costs and uncertainty.

Despite the challenges Claire's is currently facing, the company's CEO remains optimistic about the future. "We are confident that with the support of our stakeholders, we will emerge from this process stronger and more competitive," said the CEO in a statement.

As Claire's begins the process of restructuring, customers can expect to see changes in the coming months. The company remains committed to providing quality, affordable jewelry to its loyal customer base.