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(CBS/CNN Money) Claire has filed for bankruptcy. The hub for ear piercings at malls across Replica Handbags America is the latest retailer to succumb to its massive pile of debt.
replica bags Claire which says it has Wholesale Replica Bags pierced more than 100 million ears replica handbags china around the world, reached a https://www.bagstradeol.com restructuring agreement with its creditors. In a Chapter 11 bankruptcy filing on Monday, Claire said it will reduce its debt by $1.9 billion. It held $2.1 billion in debt at the end of 2017. replica bags
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luxury replica bags The company will continue to operate its approximately 1,600 Claire and Icing brand stores in the United States during the bankruptcy process and expects to complete it by September. International stores are not part of the restructuring agreement. luxury replica bags
(Photo by David McNew/Getty Images)
There are more than a dozen Claire stores operating in the Boston area.
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In 2007, Apollo Management, a private equity firm, bought Claire for $3.1 billion and took the company private in what known as a leveraged buyout.
Claire could never escape its debt load. As traffic slowed to its brick and mortar stores, shoppers moved to digital channels and fast fashion chains such as H Zara and Forever 21 chipped away at sales.
Claire joins a long line of retailers that have filed for bankruptcy in recent years, including Toys Us, Payless Shoes, Gymboree, Rue21, The Limited and RadioShack.
Toys Us, another company left deep in debt from a leveraged buyout, said last week that it was Replica Bags liquidating its 735 stores in the United States.
Claire believes a lighter balance sheet will help it avoid Toys Us fate and still remain a Best Friend. And Designer Fake Bags the company says its business is Amazon proof wholesale replica designer handbags because you can pierce your ears online. CNN Money Nathaniel Meyersohn contributed to this report.)
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