Claire’s Gets DIP Financing to Stock Up Goods After Sale Pact

Claire’s has won court approval to get $22.5 million of debtor-in-possession financing to purchase inventory, after the tween jeweler found a group of buyers for its business.

• The sale means Claire’s will stop liquidations at stores and restart inventory shipments and purchase orders, according to court documents
  • “We really need to jump-start the acquisition of inventory and the DIP facility is aimed specifically at that,” said Alexandra F. Schwarzman, a company lawyer at a Thursday hearing
• Existing secured lenders were unwilling to extend additional financing to the retailer, but have made significant concessions, she said
  • For instance, priority term loan ...