Claire's Stores files for bankruptcy

Claire's Accessories

Claire's was profitable in 2017, with net income of $29 million, according to USA Today.

"Claire's is actually growing, not shrinking, its business", the company said in a statement. The Company expects its concessions business to grow by more than 4,000 stores in 2018. The company also had too much debt, costing it $183 million a year alone in interest payments, he said. The Company's iconic ear piercing services are unmatched and can not be replicated online. Claire's plans to continue its store operations per usual throughout the Chapter 11 process. The company's bankruptcy doesn't include $245 million in funded debt at affiliates, according to court papers. The company now has $1.9 billion in debt on its books, with $1.4 billon of funded debt due to mature next year.

Claire's said Monday it is "confident" it will emerge from bankruptcy protection in September, having reduced its debt by almost $2 billion.

"This transaction substantially reduces the debt on our balance sheet and will enhance our efforts to provide the best possible experience for our customers", Claire's Chief Executive Officer Ron Marshall said in the press release.

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Claire's Stores operates more than 7,500 locations in 45 countries, including two stores in The Empire Mall.

Gymboree and Sports Authority are among others that have filed for bankruptcy in recent years. Typically retailers use the Chapter 11 filing to announce closings.

Its revenue has declined $200 million since 2014 and the company faces large debts after a private equity buyout.

The Ad Hoc First Lien Group is represented by Willkie Farr & Gallagher LLP and Millstein & Co.