Jewellery retailer plans to list stock to help repay debts.
Claire’s Accessories has announced plans to list its stock on the New York Stock Exchange with the aim of raising up to US$100 million (£64.4m).
It is understood that Claire’s will use proceeds from the IPO to repay debts. The global jewellery retailer operates 3,477 global stores in 41 countries, having recently made its move into China and Italy, two countries it considers growth markets for its products.
Claire’s net sales totalled US$1.56 billion (£100bn) in fiscal 2012, while its profit fell 60% to $6.24 million. Its European sales grew 1.7% in the same period.
The high street jewellery retailer, favoured by teens and children, was taken over by Apollo Management – the same private equity firm that owns Aurum Holdings – in 2007. Apollo owns a 97.7% stake of the company.
The company intends to be listed on the New York Stock Exchange under the symbol CLRS.