IP-No: High street accessories and jewellery chain Claire's cancels US float

 
Francesca Washtell
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Claire's Joins Wal-Mart In Pulling Children's Jewelry From China
Claire's is a ubiquitous presence on the UK's high street with its ear piercing services and affordable jewellery (Source: Getty)

Accessories chain Claire's, a staple of UK high streets and US malls, has abandoned plans for an initial public offering in the States more than three years after filing for a flotation.

The company, which was bought for $3.1bn by Apollo Management in 2007, had sought to raise $100m (£83m) when it filed for its IPO in May 2013.

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It has been beset by debts of $2.4bn in the last couple of years as losses widened, delaying the float, as more people turned to online shopping and pre-teen girls stopped going to malls as frequently.

"The company is seeking withdrawal of the registration statement because it has decided not to proceed with the offering at this time," Claire's said in a regulatory filing.

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Claire's affordable jewellery is aimed at young girl's and teenagers, and the chain is also well-known for its ear piercing services. It has a presence in 47 countries and around 2,500 stores in North America and Europe.

The scrapping of Claire's IPO comes less than two weeks after high-end US department store firm Neiman Marcus cancelled its float.

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