Claire's officially files for bankruptcy

Claire's Stores Inc has announced today they have officially filed for Chapter 11 Bankruptcy to reduce debt by 1.9 billion dollars, according to Bloomberg. Like many other mall-based retailers, Claire's has been struggling due to declining mall traffic. The retail chain said that it reached an agreement with creditors including Elliott Management Corp and Monarch Alternative Capital LP, which will provide it with about 575 million dollars in new capital. Claire's timeline for completing the Chapter 11 process is September.

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