Claire's has recently filed for bankruptcy under which chapter?

When a business like Claire's files for bankruptcy under Chapter 11, it indicates that the company is seeking to reorganize rather than liquidate its assets. Chapter 11 allows the business to continue its operations while devising a plan to pay creditors over time. This option is typically chosen by larger corporations looking to restructure their debts and negotiate with creditors to emerge from bankruptcy healthier and with a viable business model.

Chapter 7, on the other hand, involves liquidating the company's assets to pay off debts and is more suited for businesses that do not plan to continue their operations. Chapter 13 is primarily designed for individuals with regular income seeking to repay their debts, so it wouldn’t apply to a business entity like Claire's. Chapter 15 addresses cross-border insolvency issues and is not relevant to a domestic entities' typical restructuring process. Therefore, the choice of Chapter 11 illustrates a strategic approach to overcoming financial difficulties while maintaining the business's ability to operate.