Tween retailer Claire’s has filed for bankruptcy protection for the second time in seven years, facing $500 million in debt and tough competition. The company is looking to reorganize and find potential partners to stay afloat while continuing to operate its stores.

Claire’s assets and liabilities are both between $1 billion and $10 billion as it explores strategic alternatives, including finding a buyer to keep the business running. The events leading to the filing have not been disclosed yet and are expected to be revealed in court filings later on.

Facing competition from new, sleeker brands like Studs and Lovisa, Claire’s is also dealing with supply chain impacts from tariffs and online competitors like Amazon. The company is struggling to keep up with changing consumer demands and shifting retail landscape, making its future uncertain.

Read more at CNBC: Claire’s files for bankruptcy again as debt pile looms