Claire’s files for IPO
Claire’s has filed for an initial public offering just three years after it emerged from a Chapter 11 reorganisation.
The teen jewellery retailer almost doubled its sales year on year during the first half of 2021 and swung to a profit on its operations, after posting operating losses for the same period last year, according to its S-1 filing.
Current owners Elliott Management and Monarch Alternative Capital, which took control of Claire’s after its Chapter 11 reorganisation, will still hold substantial interests in and control over Claire’s after an IPO, the retailer said.
“Our retail stores offer a fun ‘treasure hunt’ shopping experience that encourages our customers to explore and find the latest trends to create their own unique look,” it said in the prospectus.
“Our management team has identified and enacted initiatives to leverage our strong brand equity and recognition in service and product excellence to accelerate growth, amplify brand value, expand our offerings and optimize our operating structure.”
Claire’s expects to invest more than £111 million by the end of the fiscal year to “better align our offering with consumer trends, augment our physical and digital presence and enhance growth,” it said.
Founded in Chicago in the 1960s, the company was taken private in 2007 in a leveraged £2.2 billion buyout, one of the many retailers to be snapped up by private equity around that time.
Today, the retailer operates nearly 1,400 stores in North America and 900 in Europe.
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