Accessories retailer Claire’s finds a buyer but hundreds of stores still set to close
Hundreds of Claire’s stores to close after buyer found
- Claire's, the accessory retailer, has found a buyer in Ames Watson after filing for bankruptcy for the second time.
- The agreement entails Ames Watson acquiring between 795 and 950 North American Claire's stores, including their inventory.
- The deal is valued at $104 million in cash and a $36 million Seller Note, with a commitment to retain most employees at the acquired stores.
- Despite the sale, Claire's is still expected to close over 290 stores, though the deal has paused liquidation at a significant number of locations.
- The agreement, which requires court approval in both the US and Canada, follows Claire's struggles against online retail competition.