Claire's Stores, Inc. (CLE)

Retail

We reiterate our "Speculative Buy" recommendation for the CLE 9.0% Senior Secured 1st Lien Notes due 2019 and its 6.125% Senior Secured 1st Lien Notes due 2020. We have a "Neutral" opinion on the 8.875% Senior Secured Notes due '19 and the 7.75% Senior Notes due '20. First steps to a Claire's bond exchange are now in place.