2014

Claire's Stores, Inc. Announces Expiration of Cash Tender Offer for Up to $210 Million of Its Outstanding 9.25% Senior Notes Due 2015 and 9.625%/10.375% Senior Toggle Notes Due 2015

CHICAGO, March 29, 2013 /PRNewswire/ -- Claire's Stores, Inc. (the "Company") today announced the expiration of the previously announced cash tender offer (the "Tender Offer") to purchase up to $210.0 million aggregate principal amount of its outstanding 9.25% Senior Notes due 2015 (the "Senior Fixed Rate Notes") and 9.625%/10.375% Senior Toggle Notes due 2015 (the "Senior Toggle Notes" and, together with the Senior Fixed Rate Notes, the "Senior Notes").

Pursuant to the terms of the Tender Offer set forth in an Offer to Purchase dated March 1, 2013, the tender offer expired at 11:59 p.m., New York City time, on March 28, 2013 (the "Expiration Date").

As previously announced, on March 15, 2013, the Company purchased approximately $60.5 million aggregate principal amount of Senior Notes validly tendered by 5:00 p.m. on March 14, 2013 (the "Early Participation Date") in accordance with the terms of the Tender Offer. An aggregate principal amount of $20,000 of Senior Notes were validly tendered and not withdrawn in accordance with the terms of the Tender Offer after the Early Participation Date and prior to the expiration of the Tender Offer.

Company Overview

Claire's Stores, Inc. is one of the world's leading specialty retailers of fashionable jewelry and accessories for young women, teens, tweens and girls ages 3 to 35.  The Company operates through its two store concepts: Claire's® and Icing®.  As of February 2, 2013, Claire's Stores, Inc. operated 3,085 stores in North America, Europe, and China.  The Company also franchised 392 stores in Japan, the Middle East, Turkey, Greece, Guatemala, Malta, Ukraine, Mexico, India, Dominican Republic, El Salvador, Venezuela, Panama, Honduras, and Indonesia.  More information regarding Claire's Stores is available on the Company's corporate website at http://www.clairestores.com.

Forward-looking Statements:

This press release contains "forward-looking statements" which represent the Company's expectations or beliefs with respect to future events. Statements that are not historical are considered forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: changes in consumer preferences and consumer spending; competition; our level of indebtedness; general economic conditions; general political and social conditions such as war, political unrest and terrorism; natural disasters or severe weather events; currency fluctuations and exchange rate adjustments; uncertainties generally associated with the specialty retailing business, such as decreases in mall traffic due to high gasoline prices or other general economic conditions; disruptions in our supply of inventory; inability to increase same store sales; inability to renew, replace or enter into new store leases on favorable terms; increases in the cost of our merchandise; significant increases in our merchandise markdowns; inability to grow our store base in Europe or expand our international franchising operations; inability to design and implement new information systems or disruptions in adapting our information systems to allow for e-commerce sales; delays in anticipated store openings or renovations; uncertainty that definitive financial results may differ from preliminary financial results due to, among other things, final U.S. GAAP adjustments; results from any future asset impairment analysis; changes in applicable laws, rules and regulations, including changes in federal, state or local regulations governing the sale of our merchandise, particularly regulations relating to the content in our merchandise, general employment laws, including laws relating to overtime pay and employee benefits, health care laws, tax laws and import laws; product recalls; loss of key members of management; increases in the cost of labor; labor disputes; unwillingness of vendors and service providers to supply goods or services pursuant to historical customary credit arrangements; increases in the cost of borrowings; unavailability of additional debt or equity capital; and the impact of our substantial indebtedness on our operating income and our ability to grow. These and other applicable risks, cautionary statements and factors that could cause actual results to differ from the Company's forward-looking statements are included in the Company's filings with the Securities and Exchange Commission (the "SEC"), specifically as described in the Company's Annual Report on Form 10-K for the fiscal year ended January 28, 2012 filed with the SEC on April 4, 2012. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. The historical results contained in this press release are not necessarily indicative of the future performance of the Company.

Contact Information:

J. Per Brodin, Executive Vice President and Chief Financial Officer
Phone: (847) 765-1100 or E-mail, investor.relations@claires.com

 

SOURCE Claire's Stores, Inc.



RELATED LINKS
http://www.clairestores.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.