Claire’s Stores Inc. delayed filing its quarterly report while it tallies the results of a bond swap designed to buy time for a turnaround of the troubled tween jewelry chain, Bloomberg News reported yesterday. The retailer cited the impact of the pending exchange on its liquidity and capital resources, “as well as other aspects of its business and operations,” in a regulatory filing Wednesday. The report will be completed “as soon as practicable,” Claire’s said. Claire’s has been saddled by debt it took on in a 2007 leveraged buyout by Apollo Global Management LLC. The chain lost more than $500 million over the past three years as mall traffic slowed, competition from online and specialty stores gained momentum, and a rising U.S. dollar crimped overseas sales and profits. Chief Executive Officer Ron Marshall is trying to complete the debt swap amid the run-up to Halloween and Christmas, which were among Claire’s peak selling seasons in previous years. Read more.
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