The “go to” store for every young would-be fashionista wanting to have ears pierced and buy the latest inexpensive costume jewellery, Claire’s Accessories is set to file for bankruptcy as its is unable to service its hefty borrowings. The retail chain has reportedly accrued c$2 billion of debt on which it is due to pay a $60 million interest installment on March 13th.
With over 4000 outlets in 45 countries including nearly 500 stores and concessions in the UK, the owner Apollo Global Management hopes to pass ownership on to its lenders. No one has yet clarified what this may mean for the future of the chain in the US or internationally.
Share