Claire’s edges closes to bankruptcy | RetailDetail

Claire’s edges closes to bankruptcy

Claire’s edges closes to bankruptcy
Shutterstock

Store chain Claire’s is allegedly preparing to shut down in the next few weeks. Following that, the current owner, Apollo Global Management would give the company to several debtors.

 

2 billion dollar debt

According to Bloomberg, Claire’s currently faces a 2 billion dollar (1.6 billion euro) debt and i needs to pay 60 million dollars (50 million euro) back early this week. However, chances are that Claire’s will actually file for bankruptcy and then quickly relaunch. Several debtors will acquire the company and gain control. Apollo, its current owner, paid 3.1 billion dollars (2.3 billion euro) in 2007 to acquire Claire’s, but will have to relinquish command.

 

Apollo focused on a rapid Claire’s expansion and opened another 350 stores between 2010 and 2013. The chain currently has more than 2,700 stores, with the majority located in shopping centers. However, these attract increasingly fewer customers, which obviously impacted turnover. 

 

In an attempt to increase its turnover, it signed a deal with supermarket chain Giant Eagle and CVS, to have its product range available there as well. Chances are that a lot of stores will shut down after the bankruptcy however. The chain has about one hundred stores in the Benelux.

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Stop overregulation blocking retailers delivering value for consumers

20/04/2018

(content provided by EuroCommerce) In an initial response to the Commission Communication: A European retail sector fit for the 21st century, published today, EuroCommerce approves of the Commission's stance against overregulation.

The Future Of Shopping wins Management Book of the Year award

20/04/2018

RetailDetail can proudly announce that “The Future of Shopping: Waar iedereen retailer is” (The Future of Shopping: where everyone is a retailer), written by Pauline Neerman and Jorg Snoeck, is 2018’s management book of the year.

100 million Prime subscribers for Amazon

19/04/2018

Ecommerce giant Amazon surpassed the 100 million Prime subscriber mark, just one of the many milestones CEO Jeff Bezos mentioned in his annual shareholder briefing.

Distributors and transport industry demand cleaner trucks

19/04/2018

35 companies, including Colruyt, Carrefour and Ikea have asked Europe to force truck manufacturers to lower their emissions 25 % by 2025. “Totally unrealistic”, the manufacturers’ spokesperson said.

JD.com to launch 1,000 stores per day

17/04/2018

JD.com has announced plans to open some 1,000 convenience stores per day across China. With this impressive target, the country’s second-largest e-commerce company is giving speed to its ambitions of expanding into the offline market.

Hans Anders surpasses 200 million euro turnover mark

12/04/2018

Dutch optician chain Hans Anders’ turnover grew 6 % last year, to 203.7 million euro, but it also announced it would divest from the French market.