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http://www.businessweek.com/news/2013-05-03/claire-s-files-to-raise-up-to-100-million-in-u-dot-s-dot-initial-offer

Bloomberg News

Claire’s Files to Raise $100 Million in Initial Offering (1)

May 03, 2013

Claire’s Inc., the operator of jewelry and accessories stores that’s controlled by Apollo Global Management LLC (APO:US), filed to raise as much as $100 million in a U.S. initial public offering.

The amount is a placeholder used to calculate fees and is subject to change. Claire’s didn’t specify the number of shares it plans to sell or the price range in a U.S. Securities and Exchange Commission filing today.

The specialty retailer operates in 41 countries, with more than 2,700 company-operated stores in North America, Europe and China and 392 franchised stores.

New York-based Apollo took Claire’s private in 2007 for $3.1 billion. Claire’s, based in Hoffman Estates, Illinois, plans to use proceeds from the offering to repay debt.

Claire’s sales rose 4.1 percent to $1.56 billion in the year through Feb. 2, while net income plunged 60 percent to $6.24 million.

The company will list its shares under the ticker CLRS on the New York Stock Exchange, according to the filing. The company didn’t name any underwriters.

To contact the reporter on this story: Niamh Ring in New York at nring@bloomberg.net

To contact the editor responsible for this story: Jeffrey McCracken at jmccracken3@bloomberg.net


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