Recovery Report: Claire's Stores Inc.'s Recovery Rating Profile Feb 12

  • ID: 2084204
  • February 2012
  • Standard & Poors
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Standard & Poor's Ratings Services has updated the recovery analysis on Pembroke Pines, Fla.-based Claire's Stores Inc. to reflect the effect of the company's $400 million senior secured note offering. The specialty jewelry and accessory retailer will use the proceeds from the first-lien notes to partly pay down its term loan facility. We simulate a default occurring in 2013 due to a steep decline in revenue and EBITDA. The situation would result from weak consumer spending, a decline in store traffic, and lower industry pricing--due to higher competition--during times of heightened economic volatility. Claire's debt structure consists of: A $200 million senior secured revolving credit facility due 2013. A $1.45 billion ($764 million outstanding pro forma for the note issuance)...

Companies mentioned in this report are: Claire's Stores Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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Claire's Stores Inc.

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