The base mall Claire’s Holdings Inc. has filed an initial public offering, according to a filing filed Wednesday night.
The specialty retailer, which has pierced the ears of millions of teenage girls and sold them often colorful jewelry, accessories and toys, reported increasing losses in its last quarter but said it identified opportunities for faster growth.
Claire’s filed for bankruptcy in 2018, struggling with nearly $ 2 billion in debt and one of the many victims of reduced foot traffic in shopping malls. He had been deprived almost a decade earlier.
Claire’s Holdings is looking to sell $ 100 million worth of stock, although that figure is often a placeholder used to calculate fees. Underwriters include Goldman Sachs and Citigroup. Claire’s plans to list its shares on the New York Stock Exchange under the symbol CLRS.
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The Hoffman Estates, Illinois-based company reported a net loss of $ 144.3 million in the second quarter of fiscal 2021, compared to a loss of $ 38 million in the second quarter of fiscal year 2020. Revenue reached $ 356 million in the three months. ended in July, up from $ 184 million a year ago.
Claire’s Holdings said it has 1,390 company-operated Claire’s stores in the United States and nearly 900 in Europe, in addition to franchise stores primarily in the Middle East and South Africa.
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âOur retail stores provide a fun ‘scavenger hunt’ shopping experience that encourages our customers to explore and find the latest trends to create their own unique look,â he said in the prospectus. âOur leadership team has identified and implemented initiatives to leverage our strong brand equity and our recognition in service and product excellence to accelerate growth, amplify brand value. , expand our offers and optimize our operational structure.
Claire’s plans to invest more than $ 150 million by the end of the fiscal year to “better align our offering with consumer trends, increase our physical and digital presence and strengthen our growth,” he said. .
The company was closed in 2007 in a $ 3.1 billion leveraged buyout, one of many retailers to be taken out by private equity at that time.
The IPO market has been on fire this year, Renaissance Capital said the third quarter was “another record quarter in a record year”. Some 94 IPOs during the quarter raised $ 27 billion, the busiest quarter in terms of deals since 2000, he said.
âAfter an explosive second quarter, activity remained brisk before faltering during the generally sluggish month of August, coming back with a vengeance after the Labor Day holiday,â Renaissance said in a report this week.
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