Claire's is now the new store on the block to file for bankruptcy. Yesterday the kids' jewelry and accessory chain reached a restructuring agreement with its creditors in a Chapter 11 bankruptcy filing for which Claire's said it will reduce its debt by $1.9 billion. At the start of the year, Claire's was $2.1 billion in debt, CNN reports.

Although going through the process, the company plans to operate its approximately 1,600 Claire's and Icing brand stores in the United States until the agreement is completed in September. Claire's now joins the list of stores who have recently filed for Chapter 11 bankruptcy in recent years along with Toys "R" Us, Payless Shoes, Gymboree, Rue21, The Limited and RadioShack.

If any of these stores are a sign of things to come, now may be the time to visit the Claire's on level one of the Crossroads Mall in Portage. No doubt there may be sales to gain as much revenue as possible during this procedure.


 

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