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Claire's has filed for bankruptcy. The hub for ear piercings at malls across America is the latest retailer to succumb to its massive pile of debt.Claire's, which says it has pierced more than 100 million ears around the world, reached a restructuring agreement with its creditors. In a Chapter 11 bankruptcy filing on Monday, Claire's said it will reduce its by debt .9 billion. It held .1 billion in debt at the end of 2017.The company will continue to operate its approximately 1,600 Claire's and Icing brand stores in the United States during the bankruptcy process and expects to complete it by September. International stores are not part of the restructuring agreement."This transaction substantially reduces the debt on our balance sheet," Claire's CEO Ron Marshall said in a statement. "We will complete this process as a healthier, more profitable company." Marshall came from now-defunct bookstore chain Borders. Claire's struggles stem from a deal it struck more than a decade ago that left it burdened with debt.In 2007, Apollo Management, a private equity firm, bought Claire's for .1 billion and took the company private in what's known as a leveraged buyout.Claire's could never escape its debt load. As traffic slowed to its brick-and-mortar stores, shoppers moved to digital channels and fast fashion chains such as H&M, Zara and Forever 21 chipped away at sales.Claire's joins a long line of retailers that have filed for bankruptcy in recent years, including Toys "R" Us, Payless Shoes, Gymboree, Rue21, The Limited and RadioShack.Toys "R" Us, another company left deep in debt from a leveraged buyout, said last week that it was liquidating its 735 stores in the United States.Claire's believes a lighter balance sheet will help it avoid Toys "R" Us' fate and still remain a "Girl's Best Friend." And the company says its business is Amazon-proof because you can't pierce your ears online.The-CNN-Wire 1940
Crews at a construction site in Denver, Colorado, are working around the clock, trying to keep up with an increased demand by building more housing.“It’s getting really interesting out there isn’t it,” said Stephen Myers CEO at Thrive Home Builders.Myers says though the real estate market is booming across the country, an increased cost of lumber is cutting into builders’ profits.“The increase is ,000 to 12,000 per house,” he said of his current project. “And we’re concerned about the ultimate price impact for our buyers.”According to the National Association of Home Builders, the price of lumber has increased by 173% since mid-April to an all-time high in August.“Without a doubt, the housing prices will go up because lumber is a very important input of houses,” said Kishore Kulkarni, Ph.D. a professor of economics at MSU Denver.Kulkarni says there’s multiple reasons why lumber prices have skyrocketed during the last few months, including higher transportation costs, some lumber mills shutting down, low interest rates and more people looking to purchase homes during the pandemic.“The supply of lumber is having a lot of bottlenecks because of COVID-19,” he said,This is pushing up the price of a typical new home by more than ,000, according to the National Association of Home Builders.Back on the job site, Myers’ team is pulling out the blueprints and looking for ways to offset higher lumber prices.“Hopefully the lumber supply can rise to the occasion to meet the increased demand,” Myers said.While crews continue to frame new houses, experts predict the cost of lumber won’t level.So, for now, prices will continue going through the roof. 1676

CLEWISTON, Fla. -- An overturned sugarcane truck has caused the closure of southbound lanes of U.S. 27 near Clewiston Wednesday.Florida Highway Patrol reports that the truck overturned Wednesday morning at the intersection of U.S. 27 and Evercane Road, just east of Clewiston.All southbound lanes were closed while crews clean up the approximately 25 tons of sugarcane that spilled onto the roadway.The roadway has since reopened.No injuries are reported. 468
COLUMBUS, Ohio -- Republicans in the Ohio House of Representatives began a lame-duck session Thursday by passing a bill that would ban most abortions after the first detection of a fetal heartbeat. That milestone can arrive as early as six weeks into a pregnancy.The Republican-controlled House voted 58-35 Thursday in favor of the legislation, which does not include exceptions for rape or incest.The bill provides “a more consistent and reliable marker for the courts to use” when considering abortion laws’ constitutionality, said Rep. Christina Hagan, a Stark County Republican and the bill’s co-sponsor.The American Civil Liberties Union called the measure “a total abortion ban” and promised to sue if it becomes law. Kasich vetoed a similar bill in December 2016, siding with opponents who contend it is unconstitutional.The bill will advance to the Ohio Senate. 897
CLEVELAND — Three suspects were arrested after an officer was shot and killed in Cleveland's Stockyard neighborhood Thursday evening.The unidentified suspects was arrested Friday morning.The shooting occurred around 10 p.m. in the 3200 block of West 65th Street near Storer Avenue, police said.The officer, later identified as Det. James Skernivitz, was rushed to MetroHealth Medical Center where he died from his injuries, according to the Cleveland Police Patrolmen's Association.Police said another person was confirmed dead on the scene but was not a suspect.Skernivitz's identity was held pending the notification of his family, as he is married with children, police said.Cleveland Police Patrolmen's Association said Skernivitz has been on the force for "a while," was "well-liked" and was a "good man.""This one hurts," Cleveland Police Patrolmen's Association president Jeff Follmer said.Skernivitz was a 25-year veteran of the Cleveland Division of Police, authorities said."We definitely need the prayers of the people in the city. This officer was out doing what all police officers do — trying to protect the people the city — and he gave his life, so we ask that you kind of give his family a little room," Cleveland Police Chief Calvin Williams said.Special agents from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) in Columbus responded to the scene to assist police.This story was originally published by Camryn Justice on WEWS in Cleveland. 1482
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