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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

Congress has a rare opportunity Wednesday to consider whether tech giants should be broken up due to antitrust concerns.The CEOs of Amazon, Google, Apple, and Facebook are testifying remotely in a House Judiciary Committee Hearing starting at noon on Wednesday.Facebook internal company documents are being deployed against CEO Mark Zuckerberg by lawmakers asserting that the company has gobbled up rivals to squelch competition.Rep. Jerrold Nadler, the Democrat who heads the House Judiciary Committee, told Zuckerberg at a hearing Wednesday that documents obtained from the company “tell a very disturbing story” of Facebook’s acquisition of the Instagram messaging service.He said the documents show Zuckerberg called Instagram a threat that could “meaningfully hurt” Facebook.Zuckerberg responded that Facebook viewed Instagram as both a competitor and a “complement” to Facebook’s services, but also acknowledged that it competed with Facebook on photo-sharing. Some critics of Facebook have called for the company to divest Instagram and its WhatsAPP messaging service.During his questioning with Rep. Pramila Jayapal, Amazon founder Jeff Bezos couldn't guarantee that his company isn't accessing seller data to make competing products.“We have a policy against using seller specific data to aid our private label business,” said Bezos.“But I can’t guarantee to you that that policy hasn’t been violated.”With the hearing underway, it's hard to tell who is the most powerful person in the room."Google controls nearly all of the internet search in the United States," Rep. David Cicilline, D-Rhode Island, said. "Amazon controls nearly half of all online commerce in the United States. Facebook has approximately 2.7 billion monthly active users across its platforms, and finally, Apple is under increasing scrutiny for abusing its role as both a player and a referee in the App Store."A year-long congressional investigation is looking for ways to check that power in what experts say will require a new understanding of U.S. competition law."(The) major point of these hearings is to move away from a conception of competition law as focusing on the well-being of citizens, as purchasers of goods and services, and to adopt a broader conception that looks at the citizen as an employee — as a resident of a community, as a consumer of news," Willam Kovacic, the former chairman of the Federal Trade Commission said.The four companies have all denied anti-competitive behavior. Last week, Apple even commissioned a study that found its App Store commission rates were in line with other companies.Several large tech companies have voiced concerns that congressional regulation might make them less competitive globally."I worry that if you regulate for the sake of regulating it, it has a lot of unintended consequences," said Sundar Pichai, the CEO of Google's parent company, Alphabet. "If you take a technology like artificial intelligence, it will have implications for national security and other important areas of society."Even as the COVID-19 pandemic has made tech companies more essential and more valuable, they have been facing a growing backlash. Protests have taken place across the country over safety concerns at Amazon warehouses, and advertisers have been boycotting Facebook over the site's failure to properly police hate speech."I think they come into the hearing not with a halo, but with great concerns about exactly whose side they are on. And that should be a matter of concern," Kovacic said. "Again, you look at the mood of Congress. You look at how Republicans join Democrats today in scolding these companies. That's a combustible environment for the leading enterprises."The House investigation is expected to lead to a recommendation for new legislation, perhaps bringing along with it greater scrutiny of tech acquisitions — like Facebook's purchase of WhatsApp and Instagram, and Google's purchase of YouTube and Fitbit. It could also ramp up pressure on other ongoing investigations of large tech companies. 4056

COLORADO SPRINGS, Colo. (KMGH) – Colorado Springs police say a woman has repeatedly done her businesses in people’s yards over the past several weeks.A witness snapped photos of the female runner, who has apparently been caught treating people’s yards as toilets on several occasions since July.The latest instance happened at a house in the Pine Creek neighborhood, near Briargate Parkway. A woman there told officers her children spotted the woman right in the middle of things. 498

Community Health Centers that serve hundreds of thousands of San Diegans are now dealing with millions of dollars in federal cuts.So far, they've instituted a hiring freeze and put expansion plans on hold. But if Congress doesn't act soon, those cuts could force the centers to reduce hours starting in January. "We pray that it won't," said Giselle Brown, who goes to the La Maestra Community Health Center in City Heights for basic medical care. "People would be left out, they wouldn't be getting the proper help or care that they need."La Maestra is part of the Health Center Partners of Southern California network, consisting of 17 low-cost clinics in San Diego, Imperial and Riverside Counties.The Federal Government subsidizes centers like it around the country with about billion a year. But about 70 percent of that is expiring, and the first funds disappeared Sept. 30. Congress has not renewed it.However, the House is scheduled to vote Friday on a bipartisan bill that would extend the funds for two years. Vernita Todd, a V.P. for the health center system of Southern California, says she's concerned the bill may not get out of the Senate - and the January deadline of reducing services is only getting closer. Brown says she hopes the funding is restored, not just for her, but for her community.    1376

CORONADO, CALIF. (KGTV) - The Mayor of Coronado is turning heads for an op-ed he recently penned.Mayor Richard Bailey wrote a several hundred word submission for the Voice of San Diego this week titled, ‘It's Time to Put Roads Over Transit.’Citing SANDAG’s figures, Bailey says more than 50 percent of local transportation dollars are spent to move just 3.5 percent of commuters while roughly 13.5 percent of funs are spent on roads and highways.He also points to relatively stagnant public transportation ridership rates while traffic congestion balloons in San Diego County.“I can't foresee us moving people around on fixed routes on large empty buses and also really expensive trolley lines,” said Bailey, “I think people are going to be looking for more nimble solutions such as a autonomous vehicles and ride share options.”Transit advocates say shifting funds from public transportation as Bailey suggests would have a negative impact on those who already use it.“About 64,000 households in the San Diego County area don't have a car and it’s just absurd to think that we're going to take away their primary means of transportation,” said Colin Parent, executive director of Circulate San Diego.Parent agrees with Bailey that the ridership figure is small but says the answer is growing that figure, not stifling it by shrinking its budget.SANDAG will vote later this on its multi-decade regional transit plan. 1429

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