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Teen favorite Claire's files for Chapter 11 in Delaware
20 March 2018, 04:16 | Vera Richards
What next for Claire's Accessories
The jewelry and accessory store filed for chapter 11 protection Monday morning.
While Claire's is not expecting to go out of business, the retailers does join the ranks of other stores beloved by Americans in the '90s and early 2000s now facing similar financial scenarios.
But Claire's expects to emerge from bankruptcy in September and the retailer's worldwide subsidiaries are not part of the USA filing.
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The Company's restructuring efforts are supported by holders of approximately 72% of the Company's First Lien Debt, 8% of its Second Lien Notes, and 83% of its Unsecured Notes.
The fate of its 7,500 North American stores, including three in McAllen, and one each in Harlingen, Brownsville and Mercedes, isn't yet known.
The world's leading ear piercing company reported a profitable 2017, with a net income of $29 million and piercing more than 3.5 million ears the same year, court filings show.
Claire's is the latest retailer to file bankruptcy. Claire's plans to continue its store operations per usual throughout the Chapter 11 process. The company now has $1.9 billion in debt on its books, with $1.4 billon of funded debt due to mature next year.
The Ad Hoc Group of First Lien Creditors has agreed to provide Claire's with $575 million of new capital if it completes its Restructuring Support Agreement. The company says that it plans to emerge from Chapter 11 in September with $150 million of liquidity. The retailer is still feeling the backlash from a string of private equity buyouts about a decade ago that saddled Claire's with burdensome payments.
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