Claire's jewelry chain files for bankruptcy

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A business plan which accompanied the restructuring announcement made clear that Claire's plans to reduce the number of stores it has in Europe as a whole by 154 to 915 by 2022 including 74 closures in 2018.

Claire's Stores, known for tween jewelry and ear piercing, has become the latest victim of the retail apocalypse.

Toys R Us in the U.S. and the United Kingdom announced last week that it would close or sell all its stores after going bust.

Claire's Accessories has filed for bankruptcy protection in the U.S., in a bid to bring down its debt by $1.9bn (£1.4bn).

The company, which has been piercing ears since 1978, sells its products in more than 7,500 locations around the world.

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Rather, the USA "should work with like-minded partners to address common concerns with China's trade and investment policies". But he is likely to hear pleas for exemptions from the steel and aluminum tariffs.

The company reported its restructuring efforts are supported the vast majority of its debt-holders. The task was hindered by payments on its debt load and efforts to tame its liabilities, including a debt exchange in 2016 and a refinanced credit line previous year, didn't do enough to bolster cash.

Claire's said it reached an agreement with creditors including Elliott Management Corp and Monarch Alternative Capital LP, which will provide it with about $575 million in new capital. Its global subsidiaries are not part of the Chapter 11 filing.

Claire's hopes to emerge from bankruptcy by September. The company's bankruptcy doesn't include $245 million in funded debt at affiliates, according to court papers.

According to Monday's press release, the company plans to pursue a financial restructuring to a eliminate a "substantial portion of debt" from its balance sheet.

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