Claire’s files for Chapter 11 bankruptcy; 92 stores to close

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Claire’s, the teen jewelry and accessories retailer, filed Monday for Chapter 11 bankruptcy protection, according to the Business Insider.

The company who has been crippled with $2 billion in debt, agreed to a restructuring plan to reduce its debt by $1.9 billion, so it agreed to close 92 stores across the U.S. in March and April.

Claire’s, located mainly in malls, has been hit hard by the declining traffic to shopping malls.

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