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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.
Prosek handles GTCR’s announcement of the $24B sale of Worldpay, payments technology company, to Global Payments.
C Street Advisory Group handles the Chapter 11 of Publishers Clearing House as the home of the iconic “prize patrol” sheds its direct mail and magazine subscription businesses.
C Street Advisory Group handles Hooters of America as it declares Chapter 11 to pave way for a buyout led by founders of the casual dining chain.
Joele Frank works for Rocket Companies, fintech platform, that is acquiring Mr. Cooper Group, the No. 1 mortgage services provider, in a $9.4B equity deal. 
Reevemark is working the Chapter 11 filing of 23andMe, the former high-flying ancestry testing kit company that failed to rebound from a 2023 data breach that exposed the personal information of nearly 7M customers.
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