Teen-Retailer Claire's Files BK

The teen retailer known for its ear-piercing service, Claire’s, plans to file for bankruptcy, according to Bloomberg, in a deal that would allow the chain to continue operating while it attempts a turnaround. Claire’s joins a total of 50 U.S. retailers that filed for bankruptcy in 2017, largely hit by declining traffic to malls. The fashion accessories chain is planning to transfer ownership from Apollo Global Management LLC to a group of lenders. It has $2 billion in debt and $60 million in interest payments due March 13.

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