Claire’s Holdings LLC has agreed to sell its intellectual property and a number of its North American retail stores to an affiliate of Ames Watson.
The announcement forms part of Claire’s wider restructuring efforts under Chapter 11 proceedings in the United States and the Companies’ Creditors Arrangement Act (CCAA) in Canada.
The proposed transaction includes the acquisition of Claire’s business operations in North America and remains subject to court approval in both jurisdictions and other standard closing conditions.
Impact on Store Closures and Operations
Claire’s has paused the liquidation process at a significant number of its North American stores included in the agreement. Liquidation will continue at other locations that are not part of the transaction. According to the company, the sale is intended to support its efforts to preserve business value during the ongoing restructuring process.
“As we continue through our restructuring proceedings, our team has worked tirelessly to explore every option for preserving the value of Claire’s business and brand,” said Chris Cramer, CEO of Claire’s. “We are glad to reach this definitive agreement to sell a portion of our North America operations to Ames Watson and maximize the value of our company for all our stakeholders. I would again like to extend my gratitude to every Claire’s employee who has continued to show up for our customers during this challenging time for our business.”
Lawrence Berger, Co-Founder of Ames Watson, said:
“We are pleased to have the opportunity to partner with Claire’s and support the next chapter for this brand. Claire’s has maintained a presence across multiple generations of consumers. We intend to retain a significant retail footprint across North America, collaborate with Claire’s team during the transition, and support the brand’s operational development based on our experience with consumer businesses.”
