Claire’s files for bankruptcy

Claire’s has filed for bankruptcy. The hub for ear piercings at malls across America is the latest retailer to succumb to its massive pile of debt.

Claire’s, which says it has pierced more than 100 million ears around the world, reached a restructuring agreement with its creditors. In a Chapter 11 bankruptcy filing on Monday, Claire’s said it will reduce its debt by $1.9 billion. It held $2.1 billion in debt at the end of 2017.

The company will continue to operate its approximately...

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