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, according to people with knowledge of the plans.
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, according to the people, who asked not
to be identified because the matter isn’t public. Venor Capital
Management and Diameter Capital Partners are also involved, the people
said. The move should help ease the $2 billion debt load at Claire’s.. .