Ontario · CCAA
Application Record dated August 6, 2025
Application / notice of application · 6 August 2025
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What we verified from this filing6 verified
- applicantClaire's Stores Canada Corp.
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- commencement date6 August 2025
- financial positionnote: Floor only - actual total not stated on the pages present. The affidavit's detailed 'Financial Position of the Applicant' section (Financial Statements, Assets, Liabilities, Secured Indebtedness, PPSA Registrations - affidavit internal pp. 23-26) and the financial-statement exhibits (Exhibit C consolidated audited financials of Claire's Holdings LLC and Claire's Stores, Inc. for FY ending Feb 3, 2024, indexed at p.74; Exhibit D internal unaudited balance sheet and fiscal YTD income statement of the Applicant for the period ended June 30, 2025, indexed at p.159) are all indexed at pages beyond those present in this PDF, which ends at affidavit internal p.21 (banking/cash-management) - the secured-indebtedness and liabilities detail is not included. Applicant states it is insolvent and unable to satisfy obligations as they come due, has realized significant net losses June 2024-Aug 2025, and contributes negative EBITDA margin. Court-ordered priority charges SOUGHT in the proposed Initial Order (prospective, not existing pre-filing debt): Administration Charge to a maximum of $400,000; Directors' Charge to a maximum of $2.9 million. All monetary amounts in the affidavit are in Canadian dollars unless noted otherwise. · page: 12 · as at: 2025-08-06 · basis: Grounds for CCAA application / Affidavit of Suzanne Stoddard - 'the claims against the Applicant exceed $5 million' (jurisdictional recitation; floor only, operative word 'exceed') · scope: Entity - Claire's Stores Canada Corp. (the Applicant), the lone Canadian subsidiary of Claire's Stores, Inc.; the Applicant is not a Chapter 11 debtor · currency: CAD · total liabilities: 5000000
- unsecured creditorsnote: Approximate aggregate; no per-landlord dollar amounts stated on the pages present. Applicant delayed rent to some landlords for June 2025 and to all landlords for July and August 2025; monthly rent obligations approximately $1.4 million/month (recurring obligation, not a balance); 78 default notices and 26 termination notices received, locked out of 16 stores. Landlord lease counts given without amounts (Primaris 20, Cadillac Fairview 15, Ivanhoe Cambridge 14, Morguard 13, Cushman & Wakefield 9, RioCan 8, Oxford 6, Westcliff 6, Other 29). · page: 38 · as of: 2025-08-06 · basis: Affidavit of Suzanne Stoddard sworn Aug 6, 2025 - 'At present, the Applicant owes approximately $2.1 million in lease arrears' · amount: 2100000 · debtor: Claire's Stores Canada Corp. · creditor: Landlords (lease arrears, aggregate) · currency: CAD
- unsecured creditorsnote: Approximate management estimate as of the date of the affidavit. · page: 40 · as of: 2025-08-06 · basis: Affidavit of Suzanne Stoddard - 'the Applicant estimates that there is approximately $750,000 of net outstanding liability in respect of gift cards' · amount: 750000 · debtor: Claire's Stores Canada Corp. · creditor: Gift card holders (net outstanding gift card liability) · currency: CAD