Sunday, 22 July, 2018

Ear-piercing, jewelry store giant Claire's files for bankruptcy

Walden Galleria Walden Galleria
Orlando Vargas | 19 March, 2018, 19:40

Claire's, the chainstore known for its tween jewelry and ear piercing, declared bankruptcy on Monday, the latest retailer to succumb to the online shopping revolution.

Claire's expects to reduce debt by about $1.9 billion, and said it reached an agreement with creditors including Elliott Management Corp and Monarch Alternative Capital LP, which will give the company some $575 million in new capital.

Claire's is owned by private equity firm Apollo Global Management, which paid 3.1 billion USA dollars for the company in 2007. "We will complete this process as a healthier, more profitable company".

Claire's, which specialises in ear piercing, fashion jewellery and accessories for young women, is the latest USA retailer to run into trouble.

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Toys R Us announced last week all of their stores will close or be sold after filing for bankruptcy a year ago.

Claire's - which has locations in Arkansas in Fayetteville, Fort Smith, Hot Springs, Jonesboro, Little Rock, North Little Rock and Rogers - said Monday it is "confident" it will emerge from bankruptcy protection in September, having reduced its debt by almost $2 billion. Claire's is controlled by private-equity investment firm Apollo Global Management LLC.

The retail chain said it was entering the restructuring process from "a position of unique operational strength".

But Claire's, which claimed to have pierced more than 100 million ears, still plans to grow its business.

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