Teen jewelry retailer Claire's will be exiting Chapter 11 in early October. A Delaware bankruptcy judge had approved the company's reorganization last week on September 21st. The process allowed Claire's to completely erase a massive debt of $1.9 billion from their balance sheet, obtaining an additional $575 million after the fact.
CEO Ron Marshall said in a statement that, “The Plan of Reorganization approved by the court gives Claire’s the financial strength necessary to cement our position as one of the world’s leading specialty retailers of fashionable jewelry, accessories, and beauty products for young women, teens, tweens, and girls.”
Claire's currently has up to 2,471 stores, and 6,631 concession locations, as well as thousands more points due to increases in concessions with CVS drugstores. The company's plan for reorganization wasn't easy, since second-lien lender Oaktree Capital Management tried to block the process according to Retail Dive.
Claire's bankruptcy papers can be seen here.