Private investment firm Ames Watson has agreed to acquire the North American business of Claire’s, the bankrupt fashion jewellery and accessories retailer, for $104m in cash, according to a report by Reuters citing court filings.
The transaction, which remains subject to court approval, includes the Claire’s brand and up to 950 retail locations across the US and Canada. Ames Watson intends to maintain operations at a minimum of 795 stores, halting previously announced liquidation sales at those locations.
As part of the deal structure, Ames Watson will also assume select liabilities related to Claire’s vendors and landlords, extend $36m in credit to address outstanding obligations, and retain existing retail staff.
Additional non-cash consideration is expected to support the company’s operational continuity during restructuring.
Claire’s filed for Chapter 11 bankruptcy earlier this month with over $690m in debt. The retailer, which targets the teen and tween demographic, operates more than 2,300 stores globally across 17 countries. The sale is aimed at preserving Claire’s retail footprint and repositioning the business amid ongoing macroeconomic headwinds and sector-specific challenges.
Ames Watson, which also owns Lids and Champion Teamwear, said the acquisition aligns with its strategy of investing in iconic consumer-facing brands.
The transaction is scheduled for approval at a court hearing in Wilmington, Delaware.
