Claire’s withdraw its IPO plans without further notice

Earlier this week the fashion accessories brand explained that it would pull its planned initial public offering of shares or IPO, which it originally filed in May 2013. The cancelation of its floating plans marks the latest setback for the speciality retailer.

The Apollo Global Management-backed company planned to raise 100 million dollars, according to filings with the U.S. Securities and Exchange Commission from 2013.

‘Law360’ highlights that this 100 million dollars value is typically used as a placeholder when companies first file documents with the regulator.

Claire’s gives up on initial public offering and saves the fee for the future

It’s worth recalling that the company’s current owner took the specialty retailer private in March 2007, in a deal valued at 3.1 billion dollars. Since then, Claire’s has had some financial setbacks, including a missed interest payment on some of its debt. The company ultimately made the payment, after a delay, according to a September statement.

In addition, the company was forced to refinance some of its credit facilities in order to avoid a default, reports the LexisNexis publication.

In a filing to the market regulator, the accessories company “hereby applies to the Securities and Exchange Commission (the “Commission”), pursuant to Rule 477 under the Securities Act of 1933, as amended (the “Securities Act”), for the withdrawal of the Company’s Registration Statement on Form S-1 (File No. 333-188359) filed with the Commission on May 3, 2013, including all amendments and exhibits thereto (the “Registration Statement”). The Company is seeking withdrawal of the Registration Statement because it has decided not to proceed with the offering at this time”.

”The Registration Statement has not been declared effective, and no securities of the Company have been sold pursuant to the Registration Statement. In accordance with Rule 457(p) under the Securities Act, the Company requests that all fees paid to the Commission in connection with the filing of the Registration Statement be credited for future use”.

Although the Tuesday’s filing did not provide an explanation for the pulled IPO, but the company did request that the fees be credited for future use.

Image:Claire