FINANCE

Claire’s Stores exits bankruptcy

BY Marianne Wilson

Claire’s Stores has completed its financial restructuring nearly seven months after it filed for Chapter 11 bankruptcy protection.

The jewelry and accessories retailer said it has eliminated approximately $1.9 billion of debt from its balance sheet and gained access to $575 million in new capital.

“We committed at the beginning of this process that we would emerge as a healthier, more profitable company – and that is exactly what we have done,” said CEO Ron Marshall. “Our renewed financial strength cements Claire’s position as one of the world’s leading specialty retailers of fashionable jewelry, accessories and beauty products for young women, teens, tweens and girls, and with our key growth initiatives already delivering value, we are well-positioned for long-term growth and success.”

As of August 4, 2018, Claire’s Stores, operated a total 2,471 stores in 17 countries throughout North America and Europe, excluding 6,631 concession locations. (Approximately 1,005 of Claire’s stores are in Europe.)

In addition, Claire’s franchised 687 stores in 28 countries primarily located in the Middle East, Central and Southeast Asia and Central and South America, Southern Africa, and Russia.

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