A well-known accessories and cosmetics retailer is filing for bankruptcy protection.

Claire’s has already begun the process in the U.S. and plans to do the same here in Canada.

CEO Chris Cramer said in a news release on Wednesday that it is a difficult but necessary decision to keep the company viable.

“Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire’s and its stakeholders,” Cramer said in the release.

“We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”

Claire’s said its retail stores throughout North America will stay open while it explores all alternatives.

The company operates more than 2,750 Claire’s stores in 17 countries throughout North America and Europe and 190 ICING stores in North America.