← All Impacts
Bankruptcy / Closurehigh2018
Claire's
Retail & Consumer · owned by Apollo Global Management

Claire's filed bankruptcy under $2.5B in Apollo debt despite being operationally viable

Apollo loaded ~$2.5B in LBO debt onto a teen jewelry retailer that was otherwise profitable. Interest payments crushed the business. Filed Chapter 11 in March 2018. 17,000+ workers affected. Emerged diminished.

Debt vs revenue
Before
Profitable retailer
After
$2.5B debt, bankruptcy
Change
-100%
Share this impact
Share