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By
Reuters
Published
Mar 19, 2018
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Accessories retailer Claire's Stores files for bankruptcy

By
Reuters
Published
Mar 19, 2018

Claire’s Stores Inc said on Monday it filed for Chapter 11 bankruptcy protection and expects to reduce debt by about $1.9 billion, as the struggling retailer of girls’ accessories combats a fall in mall traffic.


Instagram: @claires_russia



Claire’s said it reached an agreement with creditors including Elliott Management Corp and Monarch Alternative Capital LP, which will provide it with about $575 million in new capital.

Claire’s expects to complete the Chapter 11 process in September.

The retailer’s international subsidiaries are not part of the U.S. bankruptcy filings, Claire’s said in a statement.

Claire’s is owned by private equity firm Apollo Global Management LLC, which acquired it in 2007 for $3.1 billion.

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