Kirkland partner follows through with Claire's ear-piercing promise

One Kirkland & Ellis partner has marked a private equity deal in unconventional fashion - by getting his ear pierced in court.

Restructuring lawyer Josh Sussberg, who is leading the US restructuring team advising accessories giant Claire’s, had pledged to do so if the company managed to secure a buyer after filing for Chapter 11 bankruptcy in August - for the second time since 2018.

With a deal now agreed for private equity firm Ames Watson to acquire Claire’s North American business, Sussberg followed through on his promise before a Delaware bankruptcy judge.

As first reported by debt markets data platform 9fin (complete with pictures of the piercing from inside the court), sporting a Claire’s-branded crown reading "I just got pierced at Claire’s", he told the court: "When I made my commitment on the record, it was a very slim chance that we were going to be able to be where we are today. I am a man of my word."

Bigger picture

Kirkland is also advising the group's UK business which fell into administration last month shortly after the US insolvency filing putting more than 2,000 jobs at risk.

Several buyers are reportedly keen on the UK business, including Modella Capital - the London-based PE firm that took over retailer WH Smith's high street stores earlier this year.

Restructuring partners Hannah Crawford, Mallika Abidi and Kon Asimacopoulos (recently poached by Sullivan & Cromwell in a high-profile move) are among the Kirkland lawyers in London who have been advising on the administration, according to Law.com.