Ontario · CCAA
Pre-Filing Report of the Proposed Monitor dated August 6, 2025
Pre-filing report · 6 August 2025
What we verified from this filing5 verified
- unsecured creditorsnote: Customer program liability. Stated as 'approximately $750,000 of net outstanding liability in respect of gift cards' as at the date of the Pre-Filing Report (August 6, 2025). Document names no individual holders. Applicant intends to honour gift cards until August 15, 2025 and will not sell further gift cards on or after the filing date. · page: 7 · as of: 2025-08-06 · basis: Applicant's estimate of net outstanding gift card liability as at the date of the Pre-Filing Report · amount: 750000 · debtor: Claire's Stores Canada Corp. · creditor: Gift card holders (aggregate net outstanding liability) · currency: CAD
- unsecured creditorsnote: The Applicant did not pay rent to some landlords for June 2025 and to all landlords for July and August 2025. As of the report date it had received 78 default notices and 26 notices of termination (some cured), and landlords had restricted access at 16 retail locations. No total rent-arrears figure is stated. All 120 stores are leased; the Applicant owns no real property. · page: 7 · basis: Pre-Filing Report - rent arrears described; no aggregate amount stated · debtor: Claire's Stores Canada Corp. · creditor: Landlords (rent arrears) · currency: CAD
- financial positionnote: The Applicant states it 'does not have any secured debt and is not a borrower or guarantor under the Company's prepetition credit facilities' (page 8) - hence secured_creditors is an empty array. No total assets or total liabilities are stated. The Applicant reports net losses for the year-to-date period ending June 30, 2025 of US$5.8 million (page 8). It has a material intercompany payable of approximately $71.2 million owing to Claire's Stores, Inc. (page 8) and holds approximately $3.8 million in its accounts per the cash flow forecast (page 8). · page: 8 · basis: Pre-Filing Report of proposed Monitor (KSV); unaudited; no balance sheet / statement of financial position presented · scope: entity - Claire's Stores Canada Corp. (sole Canadian operating subsidiary of Claire's Stores, Inc.) · currency: CAD
- unsecured creditorsnote: Related party. The Applicant is the sole Canadian operating subsidiary of Claire's Stores, Inc. Stated as 'approximately $71.2 million' owing to Claire's Stores, related primarily to a promissory note payable by the Applicant to an affiliate (understood to have been entered into in connection with the sale of economic rights to IP for the Canadian operations to the Applicant), interest on the promissory note, and merchandise shipments (Applicant records merchandise shipped to Canada as intercompany payables owing to Claire's Stores). Figure is approximate; no balance date stated. · page: 8 · basis: Pre-Filing Report of proposed Monitor (KSV) - material intercompany payable balance owing to Claire's Stores · amount: 71200000 · debtor: Claire's Stores Canada Corp. · creditor: Claire's Stores, Inc. · currency: CAD
- secured creditors