Regarding the Mattoon store, Claire's spokeswoman Julia Rimes referred to a press release in which Claire's reported that it expects to operate its business in the ordinary course during its debt restructuring process.
We visited one of Claire's New York City stores on the day it announced it had filed for bankruptcy to see what it's like to shop there right now.
The Claire's company announced Monday that it plans to keep stores open while it restructures its debt, however just as Toys R Us, the initial Chapter 11 filing could turn into something more serious as time goes on.
Claire's expects to complete reorganization and come out of bankruptcy in September.
The Company expects to report adjusted EBITDA for FY2017 (on a 52-week basis) of approximately $212 million, up almost 13% from FY2016.
The Company expects to report an adjusted EBITDA margin for FY2017 (on a 52-week basis) of approximately 16.1%, up almost 170 basis points from FY2016.
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Claire's was profitable in 2017, with net income of $29 million, according to USA Today.
The accessories store - known predominantly for its ear piercing business - joins an ever-growing list of teen mall favorites (Aeropostale, Bebe, BCBG, Wet Seal and Rue 21) that have taken their financial troubles to bankruptcy court in recent months.
"Its plan to survive rests on its reputation for trendy merchandise and a unique service that it says can't be replicated by shopping online: ear piercing", reported Bloomberg News.
Claire's Stores Inc., a fashion accessories chain, has filed for bankruptcy.
Its revenue has declined $200 million since 2014 and the company faces large debts after a private equity buyout.