The popular ear piercing and accessory shop, Claire's has recently filed for Chapter 11 bankruptcy. By the end of 2017, the company had been placed in $2.1 billion in debt. They do, however, have a plan for reducing the debt; most stores will remain operational while they evaluate their plan.
The connection that I can make to another period in United States history is the Great Depression, when a variety of privately-owned and chain stores went out of business due to financial hardships. The amount of retailing stores has dramatically decreased in the past five to ten years, mainly due to the competition between both themselves and online retailers.
http://money.cnn.com/2018/03/19/news/companies/claires-bankrupt/index.html
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