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Report : Claire's Stores Prepares To File For Bankruptcy

Claire's Stores Inc., the fashion accessories chain where legions of preteens got their ears pierced, is preparing to file for bankruptcy in the coming weeks, Bloomberg reported citing people familiar with the matter.

The company is closing in on a deal in which control would pass from Apollo Global Management LLC to lenders including Elliott Capital Management and Monarch Alternative Capital. Venor Capital Management and Diameter Capital Partners are also involved, the report said. The move should help ease the $2 billion debt load at Claire's.

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