Claire's Accessories files for bankruptcy in the US

Claire's has filed for bankruptcy. The hub for ear piercings at malls across America is the latest retailer to succumb to its massive pile of debt

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

Claire's gave no indication it plans to close any of them.

Claire's Accessories has filed for bankruptcy protection in the USA, in a bid to bring down its debt by $1.9bn (£1.4bn).

The chain has 7,500 stores in total, including four at malls in the Portland area - Lloyd Center, Pioneer Place, Clackamas Town Center and Washington Square.

"The Company's iconic ear piercing services are unmatched and can not be replicated online", Marshall said.

Toys R Us in the United States and the UK announced last week that it would close or sell all its stores after going bust. Those debts cost it $183m a year in interest payments alone.

Members of anAd Hoc Group of First Lien Creditors have agreed to provide the company with approximately $575 million of new capital, including financing commitments for a new $75 million asset-based lending facility, a new $250 million first lien term loan, and $250 million as a preferred equity investment.

Claire's, which is owned by Apollo Global Management, said that when the process is complete in September 2018, it will have more than $150m in cash, and will have brought down its debt burden significantly. Its worldwide subsidiaries are not part of the Chapter 11 filing.

"This transaction substantially reduces the debt on our balance sheet", Ron Marshall, Claire's CEO, said in the statement.

The company announced it will be keeping its stores open and is working to restructure debt.

Related News:

  • Putin wins 6th term: Xi congratulates him; only Stalin ruled Russian Federation  longer

    Putin wins 6th term: Xi congratulates him; only Stalin ruled Russian Federation longer

    Cadets of the Nakhimov naval academy vote at a polling station during Russia's presidential election in Sevastopol, Crimea . There were widespread reports of forced voting Sunday, efforts to make Russian Federation appear to be a robust democracy.

    Ice warning for Lancashire on Monday morning

    The warning states that travel delays on roads are likely, stranding some vehicles and passengers. Sunday is set to see yet more snow with the Met Office issuing several warnings of ice overnight.
    Hurriyat leader Syed Geelani resigns

    Hurriyat leader Syed Geelani resigns

    Geelani has been viewed as a key separatist leader in Kashmir Valley and has been vocal on advocating Kashmiri separatism. A stanch and steadfast pro-freedom leader, Sehrai will now lead TeH, an effective constituent of Hurriyat Conference (G).
  • CLINTON CAVES: Hillary Says She 'Meant NO DISRESPECT' to Female TRUMP Voters

    CLINTON CAVES: Hillary Says She 'Meant NO DISRESPECT' to Female TRUMP Voters

    In fact, it more often captures the divisions between more dynamic urban areas and less prosperous small towns within states. Hillary also insulted white women voters , saying they were too intimidated by the white men in their lives to vote for her.
    Steven Spielberg says Time's Up movement is 'more important than we realise'

    Steven Spielberg says Time's Up movement is 'more important than we realise'

    Harrison Ford will return to his iconic role as archaeologist and adventurer Indiana Jones for the fifth film. So it will be up to Ford to carry on donning the fedora and whip.
    Dana business to get London listing

    Dana business to get London listing

    Melrose argues GKN's Driveline deal would "destroy" potential value within the current business. The deal, which was announced on 9 March, is expected to deliver $235m (£170m) in "synergies".
  • Telangana CM meets WB counterpart

    Telangana CM meets WB counterpart

    It is about unifying the masses, the people of India. "Our front will be a bigger front, different from the routine model". The Telangana CM will be meeting West Bengal CM Mamata Banerjee , aka "Didi" of Bengal.
    Yogi govt celebrates first anniversary in UP despite shocking bypoll defeats

    Yogi govt celebrates first anniversary in UP despite shocking bypoll defeats

    The minister did not take part in the celebrations and dropped hints that his party may part ways with the BJP-led government. In upcoming General elections , BJP will be in bad condition.
    Navratilova 'angry' at pay gap to McEnroe for BBC work

    Navratilova 'angry' at pay gap to McEnroe for BBC work

    Fran Unsworth, the BBC's director of news and current affairs, said the BBC is in a "big fight for the talent". Navratilova also confirmed her agent will be asking for more money ahead of next year's Wimbledon.
  • Crack cocaine of gambling' stakes should be cut says regulator

    Crack cocaine of gambling' stakes should be cut says regulator

    The guidance suggests that fixed-odds betting terminal (FOBT) slots stakes should be limited to £2. In total £331.8m was gambled, which includes games played using winnings from original stakes.
    Iniesta puts April 30 deadline on Barcelona future

    Iniesta puts April 30 deadline on Barcelona future

    The Catalan giants will not stand in his way if he does decide to leave though they do want him to stay. We know we need to keep going as team until the end and we need him now and in the years to come.
    NCAA Tournament: Loyola-Chicago takes out Tennessee

    NCAA Tournament: Loyola-Chicago takes out Tennessee

    If the NCAA approves the brace, there is a chance that he'll play on Sunday afternoon against Butler (12:10 p.m. Senior Mercedes Russell finished with 21 points and 14 rebounds in the final game of her Tennessee career.


Most liked

You can play Sea of Thieves right now anywhere in the world
An Xbox One X retails for $499.99/£449.99, in case you're wondering, and the Sea of Thieves promotion runs until 24th March. Whether you're gaming on Xbox One X or Xbox One S, there's never been a better time to set sail with your friends on Xbox.

Vladimir Putin claims victory with rivals trounced in Russian election
Earlier, Theresa May claimed that Russian Federation was highly likely to be involved in Skripal's poisoning. Russian voters are gearing up for a presidential election today that Vladimir Putin is guaranteed to win.

Messi hints at retirement from global football
Meanwhile, Messi has been in fine form this season, netting 37 goals, which includes 25 goals in the ongoing La Liga season. Team Argentina was placed in Group D alongside with the national teams from Iceland, Croatia and Nigeria.

Google may have a master plan to take down Amazon
Google says it will use a pay-per-sale model, which means it's only taking a cut of the sale when a shopper makes a purchase. Retailers will pay Google a cut of each purchase made in exchange for the listings and links to retailer loyalty programs.

Advanced Micro Devices (AMD) Downgraded by Vetr
Rbs Partners Lp increased its stake in Lands End Inc New (LE) by 1.87% based on its latest 2017Q3 regulatory filing with the SEC. ValuEngine downgraded Advanced Micro Devices from a "hold" rating to a "sell" rating in a report on Wednesday, March 7th.

Post-defeat, UP CM Yogi Adityanath faces dissent from within
Adityanath was also asked if he'd talked to Prime Minister Narendra Modi and party president Amit Shah after the BJP's defeat. The opposition is not allowing the House to function.

Brookdale Senior Living Inc. (BKD) stock returned -27.34% negative Quarterly performance
Highland Capital Management LP lifted its holdings in Brookdale Senior Living by 41.7% in the fourth quarter. Moreover, Kcm Inv Ltd Company has 0.46% invested in Genuine Parts Company (NYSE:GPC) for 78,962 shares.

Jim Carrey blasted over Sarah Sanders portrait
The 2017 documentary "I Needed Color" revealed Carrey's new creative outlet, which he said he uses to "heal a broken heart". You can check out the portrait below, which seems to capture Carrey's impressions of the White House official's essence.

Hero Who Evacuated Hundreds Dies From Cancer At 45
On September 11, 2001, 19 men hijacked four fuel-loaded USA commercial airplanes bound for West Coast destinations. Phelan would work with Engine 55, later promoted to Marine Patrol, then assigned to Marine 9 on Staten Island.

John Oliver Writes Picture Book About Mike Pence's Gay Pet Rabbit
John Oliver took on "ashen weasel" (the opposite of a "silver fox") Mike Pence and his anti-LGBT extremism on Sunday night. "Now, there are a few small differences between the two books", said Oliver on Sunday.

Moily's tweet creates ripples in K'taka Cong
The tweet takes a pot shot at Karnataka PWD Minister HC Mahadevappa a close aide of Chief Minister Siddaramaiah . The tweet, posted on Thursday night, has since been deleted from an unverified Twitter account by his name.

Ireland issues Brexit WARNING: Dublin threat as European Union prepares for crunch talks
In a warning, Hilary Benn, chair of the House of Commons' Exiting the European Committee, said that a "no deal" scenario is a significant danger to Britain.

Pakistan fully supports Afghan govt's peace offer to Taliban
John Nicholson, the commander of USA and North Atlantic Treaty Organisation forces in the country, told reporters here Wednesday. In the western Ghor province, meanwhile, a roadside bomb killed a young shepherd and wounded five others.

HTC Vive Pro Price Announced, Original Vive Gets Price Cut
To help offset the high cost, HTC is also throwing in a free six-month trial of its Viveport subscription service. The headset, which was originally announced during CES in January, will now become HTC's flagship VR product.

Prince Harry refuses to sign prenup before marrying Meghan Markle
He is said to have another £20 million of assets, and Meghan has earned an estimated £4 million fortune from her acting career.