Claire's: tween jewelry and ear piercing retailer files for bankruptcy

Claire's: tween jewelry and ear piercing retailer files for bankruptcy”

Claire's has filed for bankruptcy.

Claire's, which specialises in ear piercing, fashion jewellery and accessories for young women, is the latest United States retailer to run into trouble.

Teen jeweler and ear piercing destination Claire's Stores, Inc. has filed for Chapter 11 in Delaware.

"The company estimates that it has pierced over 100,000,000 ears worldwide", Scott Huckins, Claire's CFO, stated in the bankruptcy filing. It held $2.1 billion in debt at the end of 2017.

The company in a statement said it was confident it would come through the restructuring process, and plans to come out of Chapter 11 in September with more than $150 million in cash.

"We will complete this process as a healthier, more profitable company, which will position us to be an even stronger business partner for our suppliers, concessions partners, and franchisees". Marshall came from now-defunct bookstore chain Borders.

More news: Alliancebernstein LP Grows Position in Crown Castle International Corp. (REIT) (NYSE:CCI)

Claire's has been struggling with a heavy debt load that left it with fewer options in dealing with online competition.

In 2007, Apollo Management, a private equity firm, bought Claire's for $3.1 billion and took the company private in what's known as a leveraged buyout. The task was hindered by payments on its debt load and efforts to tame its liabilities, including a debt exchange in 2016 and a refinanced credit line previous year, didn't do enough to bolster cash.

Claire's is the latest in a string of recent USA retail bankruptcies including children's clothing chain Gymboree, athletic gear seller the Sports Authority and toy seller Toys "R" Us.

Claire's believes a lighter balance sheet will help it avoid Toys "R" Us' fate and still remain a "Girl's Best Friend".

In a Chapter 11 bankruptcy filing on Monday, Claire's said it will reduce its debt by $1.9 billion.

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