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Claire’s Stores, a mall retailer of jewelry and accessories for teens, said Monday that it had filed for Chapter 11 bankruptcy protection and would lower its debt by about $1.9 billion.

Creditors led by Elliott Management and Monarch Alternative Capital have agreed to provide the company with about $575 million of new capital. The company expects to complete the Chapter 11 process in September 2018 and emerge with more than $150 million of liquidity.

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