DLF Brands to close down women’s accessories brand Claire’s in India

NEW DELHI: DLF Brands is shuttering the India store network of US women’s accessories brand Claire's amid trouble at the American brand that filed for bankruptcy in May this year, reports Rasul Bailay. “The company has filed for Chapter 11 in the US and that is the reason we are closing the stores,” said Timmy Sarna, chief executive of DLF Brands. “We are currently liquidating the stock.”Claire's outlets in India are currently running a flat 75% off "closing down sale." Two store staff said the brand is shutting stores as the India operations have been impacted by Claire's bankruptcy in the US. Claire’s hopes to compete the Chapter 11 process by September and said the company plans to continue operating about 1,600 stores of Claire’s and Icing brands and the company seeks to prune its debt to $1.9 billion from about $2.1 billion at the end of 2017. DLF Brands operated about nine Claire’s and Sarna said the company now focuses on opening more franchisee outlets of Disney &Me. So far DLF Brands has opened four Disney & Me stores.

from The Economic Times https://ift.tt/2uZ1WPQ