Overview

• Claire’s agreed to sell a large portion of its North American business to an affiliate of Ames Watson that would acquire at least 795 and potentially up to 950 stores for $104 million in cash plus a $36 million seller note.
• A court filing on Aug. 25 listed 291 locations slated to close, including 235 Claire’s stores and 56 Icing stores, with shutdowns set to occur on a rolling basis without announced dates.
• Under the proposed transaction, liquidation sales have been paused at a significant number of locations, though some store closing sales continue.
• The buyer has committed to retaining almost all employees at acquired stores and a significant number of staff at Claire’s Illinois headquarters.
• The deal remains subject to U.S. and Canadian court approvals, leaving the ultimate store count and scope of further closures uncertain.