(New York, NY) -- Claire's is declaring bankruptcy.
The girls' accessories chain said today it's filing for Chapter 11 protection to lower its debt by nearly two-billion dollars. Claire's says an agreement with creditors will cut its debt and provide 575-million dollars in new capital.
The retailer says it's struggling, like many of its peers, to adjust to slowing traffic in the malls where Claire's stores are. Claire’s operates stores in the Poughkeepsie Galleria Mall, Hudson Valley Mall near Kingston, the Newburgh Mall and Crystal Run Galleria Mall near Middletown.
(Photo by David Becker/Getty Images for Bravado)