Teen fashion staple Claire's is preparing to file for bankruptcy in the coming weeks.
Bloomberg reports control of the company would pass to multiple venture capital firms, which would reduce its $2 billion debt load. The company's debt is currently more than 10 times its annual earnings.
Claire's has locations in Peoria's Northwoods Mall and Bloomington's Eastland Mall. It is unclear if a bankruptcy filing would eventually lead to the company liquidating locations.