Girls' Accessories Chain Claire's Files Bankruptcy

20 March, 2018, 04:18 | Author: Regina Lloyd
  • Claire's Joins Wal Mart In Pulling Children's Jewelry From China

"The company's iconic ear piercing services are unmatched and can not be replicated online", it added.

He said the costs of servicing that debt has "impacted the Debtors' ability to refresh store locations, drive product and growth initiatives, and further enhance their customer experience". The company began piercing ears in 1978. And the firm said that mall traffic declined 8 percent in the a year ago.

Claire's continues to be the world's leading ear piercer, having pierced over 100,000,000 ears worldwide, and approximately 3,500,000 ears in FY2017 in the United States alone.

The move has Claire's following other recent bankruptcies by USA retailers including toy seller Toys "R" Us, athletic gear seller the Sports Authority and kids clothing chain Gymboree.

Claire's said it expects to operate its 7,500 locations in 45 countries as usual during restructuring. A debt exchange in 2016 and a refinanced credit line a year ago didn't do enough to bolster cash. So you don't need to throw your bottle of piercing cleaning solution at the wall just yet; the stores aren't all closing, and Claire's plans to stay in business.

Creditors led by Elliott Management and Monarch Alternative Capital have agreed to provide the company with about $575 million of new capital.

According to court papers, a debtor-in-possession, or DIP loan to fund operations in bankruptcy will include $75 million revolver and a $60 million term loan with Citibank an agent to other lenders.

Claire's says that it is planning to use the Chapter 11 bankruptcy to restructure its debt.

The jewelry chain Claire's filed for bankruptcy on Monday.

Bon-Ton Stores, which owns Younkers, also filed for Chapter 11 protection last month.



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