×
515
Fashion Jobs
FOUR SEASONS RECRUITMENT
Ecommerce Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Sales Supervisor
Permanent · LONDON
TOO FACED
Too Faced Business Manager, Boots - Oxford
Permanent · OXFORD
TOO FACED
Too Faced Business Manager - Boots, Leeds Trinity
Permanent · LEEDS
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
360 RESOURCING
Account Manager
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
HAYS RETAIL
Retail Operations Manager
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CAMBERLEY
NEXT RETAIL LTD
Warehouse Administrator
Permanent · DONCASTER
HAYS RECRUIMENT
E-Commerce Manager
Permanent · LONDON
HAYS RECRUIMENT
Eyewear Account Manager South London
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CARDIFF
NEXT RETAIL LTD
Sales Coordinator - Permanent
Permanent · LONDON
360 RESOURCING
Head Office Recruitment Consultant - Fashion Retail
Permanent · LONDON
360 RESOURCING
Temps Controller / Temps Recruitment Consultant - Fashion Retail
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Production Manager-Shoes & Slg-Luxury- London Salary up to £70k
Permanent · LONDON
DEPLOY LONDON
International Sales & Marketing Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Digital Marketing Manager
Permanent · LONDON
TOO FACED
Too Faced Business Manager - Boots Brentwood, UK
Permanent · BRENTWOOD

Claire's to emerge from bankruptcy in October

Published
today Sep 25, 2018
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Accessories retailer Claire’s Stores, Inc. received approval from the US Bankruptcy Court on Friday for its Third Amended Plan of Reorganization, putting the tween favorite on course to exit Chapter 11 bankruptcy in early October.


Claire's is set to emerge from bankruptcy in early October - Instagram: @clairesstores

 
The plan which will see Claire’s eliminate $1.9 billion of debt and gain access to $575 million of additional capital, is supported by all of the company’s major creditor groups and has been sponsored by an ad hoc group of first-lien creditors, led by Elliott Management Corporation and Monarch Alternative Capital LP.
 
The news comes around a month after Oaktree Capital Management, the largest holder of the company’s second-lien debt, was accused of breaking creditor agreements by continuously contesting the Claire’s restructuring plan and opposing the retailer's attempts to exit bankruptcy in September. 

Claire’s CEO Ron Marshall is optimistic about the future of the company, saying in a press release, “We have already seen year-over-year growth in same-store sales and are gaining significant traction in our newer concessions business.”
 
“Our strengthened balance sheet will allow us to further the initiatives already underway, enhance our customer experience, and continue our positive growth trajectory,” he continued.
 
In the second quarter of 2018, the company reported a reduced net loss of $3.29 million, compared to the loss of $20.49 million reported in the prior-year period.
 
Claire’s has carried on business as usual in its retail stores since it made its Chapter 11 filing on March 19 and intends to continue doing so during the remainder of the bankruptcy process.

Copyright © 2020 FashionNetwork.com All rights reserved.