Claire's Accessories files for bankruptcy in the US
19 March, 2018, 18:28 | Author: Regina Silva
The ear piercing and accessory store giant Claire's filed for bankruptcy on Monday, though the company said it expects a big expansion in its location rather than closures that have plagued other mall-based retailers.
Claire's, the mall chain that has pierced the ears of millions of teens, has filed for Chapter 11 bankruptcy protection in the USA but its Canadian and European stores are not involved.
The company announced no store closings.
The retailer has agreed a deal with creditors, which include Elliott Management and Monarch Alternative Capital, which have agreed to give the company $575m in new capital.
Claire's Stores is the latest victim of declining traffic at US malls.
Ron Marshall, Claire's chief executive, said: "This transaction substantially reduces the debt on our balance sheet and will enhance our efforts to provide the best possible experience for our customers".
Claire's hopes to emerge from bankruptcy by September.
Claire's is owned by private equity firm Apollo Global Management, which paid 3.1 billion United States dollars for the company in 2007.
Like Toys R Us, Claire's was taken over by venture capital companies and saddled with huge debts.
The retailer's global subsidiaries are not part of the USA bankruptcy filings, Claire's said in a statement.
The company operates 7,500 stores across the world and, according to court filings, "has pierced over 100,000,000 ears worldwide". 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.
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