Teenage dreams and mall nostalgia are under threat once more. Claire’s—the glitter-soaked haven for ear piercings, statement scrunchies, and sparkly everything—has landed back in bankruptcy court.

Claire’s has filed for bankruptcy for the second time in seven years, citing financial struggles. The retailer will shut down select stores as it explores options for survival.

Mall-based teen accessories retailer Claire’s, known for helping to usher in millions of teens into an important rite of ...