Claire’s Holdings LLC, the parent company of Claire’s and Icing retail chains, has entered into a definitive agreement to sell its North American business operations to Ames Watson, a private holding company. The transaction, valued at $140 million, includes a $36 million seller note and covers Claire’s intellectual property as well as a significant portion of its store network.
The deal, which is subject to court approval, follows Claire’s recent filing for Chapter 11 bankruptcy protection in the United States and creditor protection in Canada. Under the terms of the agreement, Ames Watson will assume control of up to 950 Claire’s stores across North America. In conjunction with the sale, Claire’s has halted liquidation efforts at a considerable number of locations; however, liquidation will proceed for other stores not included in the transaction.
Lawrence Berger, co-founder of Ames Watson, expressed optimism about the retailer’s future, stating that the firm is “committed to investing in [Claire’s] future by preserving a significant retail footprint across North America.”
This strategic move is seen as a potential lifeline for the youth-focused accessories chain, aiming to stabilize operations and chart a new growth path amidst ongoing industry challenges.
