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Claire’s Agrees to Sale to Ames Watson, Two Weeks After Chapter 11 Filing
Claire’s Holdings LLC, parent company of the Claire’s and Icing retail chains, has reached an agreement with private holding company Ames Watson for the sale of Claire’s business operations in North America, including its intellectual property and hundreds of its stores. Reuters reported that the sale totals $140 million, including a $36-million seller note, and will keep as many as 950 of the jewelry retailer’s stores open.
The agreement comes two weeks after Claire’s filed for Chapter 11 bankruptcy in the U.S. and creditor protection in Canada. Claire’s said that as part of the agreement, it paused the liquidation process “at a significant number of stores. For its other stores in North America, the liquidation process will continue.”
In a statement, Ames Watson co-founder Lawrence Berger said his firm was “committed to investing in [Claire’s] future by preserving a significant retail footprint across North America.” The sale is subject to court approval.
- ◦Sale/Acquisition
