June 13, 2018 / 9:59 PM / 7 months ago

Claire's wins court approval for reduced executive bonus plan

Jewelry and accessories chain Claire’s Stores Inc won approval on Wednesday for incentive bonuses for Chief Executive Ron Marshall and six other top managers after announcing in court an agreement to cut the value of the awards by 17.5 percent.

Claire’s, famous for its ear-piercing service, had argued that the bonuses were urgently needed because its performance was key to valuing its estate. The company said in court papers it operates in a particularly challenging retail environment that has been exacerbated by the ongoing liquidation of Toys ‘R’ Us, which hosted scores of Claire’s “store-within-a-store” locations.

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