Claire’s plans to list on the New York Stock Exchange under the symbol CLRS.
Another retailer is looking to go public.
Claire’s Holdings Inc. has filed to raise up to $100 million in an initial public offering. The tween and teen jewelry retailer, which says it is “the leading retail piercing destination,” plans to list its stock on the New York Stock Exchange under the symbol CLRS.
In its IPO prospectus, Claire’s listed a net loss of $144.3 million for the second quarter of fiscal 2021, compared with a loss of $38 million in the year-ago quarter. Revenue rose to $356 million from $184 million a year ago.
Claire’s said it expects to invest more than $150 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.”
“We believe we have significant opportunities to drive long-term growth in revenue and earnings by further leveraging our brand and dynamic operating platform to expand our physical footprint, attract new consumers, and increase our share of wallet with our core demographic while enhancing our digital presence and consumers’ experience,” the company stated.
Claire’s previously filed for an IPO in 2013, but later withdrew the offering. The company filed for bankruptcy in 2018, with nearly $2 billion in debt resulting from a leveraged buyout in which private equity firm Apollo Management took it private. Under its Chapter 11 reorganization, the company eliminated much of its debt and passed control of the company to lenders, including Elliott Capital Management and Monarch Alternative Capital.
As of July 31, 2021, Claire’s operated 1,390 stores under its namesake and Icing banners in North America, 887 in Europe, and 324 franchised stores primarily located in the Middle East and South Africa. It also operates in more than 10,000 concessions located within approximately 25 retail partners in North America and Europe, including Walmart, CVS, Asda, Tesco, and Matalan.