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Published
Jul 31, 2018
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DLF Brands to shut Claire's stores in India

Published
Jul 31, 2018

DLF Brands has initiated the process of shutting down stores for US women’s accessories brand Claire's across India as a result of the retailer’s filing for Chapter 11 bankruptcy.
 

DLF Brands to shut Claire stores in India - Claire's


Claire’s Stores Inc filed for Chapter 11 bankruptcy on March 19, 2018, and work is currently underway to eliminate a large portion of the company’s considerable debt, a process which implied some $10 million in restructuring expenses over the course of the first quarter and affected the retailer’s results for the period accordingly.
 
This combined with $25 million in interest expenses meant that while the company’s operating income totaled over $20 million in the quarter, its net loss for the period came to $11.6 million, compared to a loss of $6.8 million in Q1 2017.

All this has impacted the operations in India forcing DLF brands to close the stores. It is offering discounts up to 75 percent to liquidate existing stock.
 
“The company has filed for Chapter 11 in the US and that is the reason we are closing the stores. We are currently liquidating the stock," Timmy Sarna, chief executive of DLF Brands was quoted as saying by the Economic Times.
 
DLF Brands currently operates nine Claire’s stores across India.
 
 
 
 
 
 

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