Bankrupt jewelry retailer Claire's to sell its North America business https://t.co/4g2oCAmqEG https://t.co/4g2oCAmqEG
The tween jewelry chain has been liquidating its locations since filing for Chapter 11 bankruptcy, but now up to 950 of them could be saved. https://t.co/uIaLro6bY3
Claire's sells most of its North American business after filing for bankruptcy https://t.co/SRs34lm4Vb
Claire’s, the fashion-jewelry chain that filed for Chapter 11 protection on 6 August, has agreed to sell its North American business and related intellectual property to private-equity firm Ames Watson for an undisclosed sum. The transaction, which still needs approval from courts in the United States and Canada, comes as the retailer seeks to stem losses and restructure roughly $690 million in debt. Claire’s operates more than 2,300 stores across 17 countries but has been hit by rising competition, high rents and import tariffs. The company said it will pause liquidation at as many as 950 North American outlets that could be preserved under Ames Watson’s ownership, while closures will continue at remaining locations. Ames Watson, a permanent-capital investor that reports more than $2 billion in revenue, said it plans to maintain a “significant retail footprint” for Claire’s in the region. The sale marks the retailer’s second major restructuring effort since emerging from a prior bankruptcy in 2018.
