Rubenstein is handling today’s bankruptcy filing of Claire’s Stores, marketer of jewelry & accessories to “tweens,” teens and young women.
Claire’s, which is the world’s leading ear piercer with more than 100M ears worldwide, says it's using Chapter XI as a “process to effectuate a balance sheet—not an operational—restructuring."
The Hoffman Estates, IL-based company, which sells products through 7,500 outlets in 45 countries, claims business is “growing, not shrinking.”
With the September completion of the Chapter XI restructuring, Claire’s expects to wipe $1.9B debt from its balance sheet.
“We will complete this process as a healthier, more profitable company, which will position us to be an even stronger business partner for our suppliers, concessions partners and franchises,” said CEO Ron Marshall in a statement.
Claire’s anticipates fiscal 2017 sales of $1.3B and net income of $29M.
Rubenstein’s Marcia Horowitz, Tisha Kresler and Alex Stockham represent Claire’s.