Markets

Mall Staple Claire's Files For Chapter 11 Bankruptcy

Mall Staple Claire's Files For Chapter 11 Bankruptcy

Claire's has been hit hard by declining traffic to malls since most of its 7,500 stores are located in shopping malls. Its other weakness has been that it competes with much larger retailers, many of which have similar inventory.

Claire's, a mall chain store best known for performing ear piercing services and selling affordable jewelry and accessories has filed for Chapter 11 bankruptcy protection.

The Hoffman Estates, Illinois based retailer's worldwide subsidiaries are not part of the US bankruptcy filings, Claire's said in a statement.

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

The announcement comes days after Toys "R" Us said it plans to liquidate its USA operations and other businesses.

Marshall's statement stressed that the company is doing well operationally, with the adjusted EBITDA up for fiscal year 2017.

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The Company expects to report an adjusted EBITDA margin for FY2017 (on a 52-week basis) of approximately 16.1%, up almost 170 basis points from FY2016.

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

"The Company's iconic ear piercing services are unmatched and can not be replicated online", Marshall said. According to Business Insider, Foot Locker plans to close 110 stores in 2018, while The Houston Chronicle reported Mattress Firm will close 175 stores this year.

The Company has obtained $135 million in debtor-in-possession (DIP) financing commitments, including an asset-based lending facility and a term loan from Citigroup Global Markets Inc.

A voluntary Chapter 11 filing typically allows a company to keep operating while it works out a plan to turn the business around and pay its creditors. 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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