Claire’s Stores, Inc., along with seven affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10584). Claire’s, a well-known specialty retailer of jewelry, accessories and beauty products for young women and adolescents, is based in Cook County, Illinois. According to the First Day Declaration, Claire’s enters Chapter 11 having negotiated a restructuring support agreement and plan term sheet with an ad hoc group of its first lien noteholders. Claire’s is also seeking approval of up to $135 million in DIP Financing from a consortium of lenders with Citibank, N.A., serving as the administrative agent. Prime Clerk is the proposed claims and noticing agent. The cases have been assigned to the Honorable Brendan Linehan Shannon.
Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.