On Monday, Claire’s filed for Chapter 11 bankruptcy protection in Delaware, hoping to shed $1.9 billion (U.S.) in debt and close some underperforming stores. For four decades Claire’s jewelry chain has been a fixture at malls and shopping centres, piercing the ears of millions of teenagers. Apollo owns 97.7 per cent of Claire’s, which had $2.1 billion in long-term debt at the end of 2017. Claire’s, which is based in Hoffman Estates, Illinois, traces its history to the founding of a chain of wig stores in the South in 1961. In 1973, the company blended with Claire’s Boutiques, a small accessories chain in the Midwest, creating Claire’s Stores.

Source: thestar March 19, 2018 14:15 UTC