Ames Watson to acquire majority of Claire’s retail stores in restructuring deal

USA – Claire’s Holdings LLC has taken decisive steps to secure its future by entering into an agreement to sell its North American operations to Ames Watson, a private holding company with a focus on reviving consumer brands. 

The transaction involves Ames Watson acquiring Claire’s intellectual property along with a substantial number of its North American stores, estimated to be between 795 and 950 locations. 

The deal is valued at USD 104 million in cash, supplemented by a USD 36 million seller’s note, with Ames Watson also assuming certain operational liabilities tied to these assets.

This announcement comes amid Claire’s ongoing financial restructuring, including voluntary Chapter 11 bankruptcy protection in the United States and similar proceedings in Canada.

As part of this agreement, Claire’s has halted liquidation sales in many of the stores included in the sale, although liquidation continues in locations not encompassed by the transaction. 

The deal awaits approval from courts in both the U.S. and Canada, along with other customary closing conditions.

Claire’s CEO, Chris Cramer, acknowledged the efforts of the Claire’s team throughout the complicated restructuring process, stating, “As we continue through our restructuring proceedings, our team has worked tirelessly to explore every option for preserving the value of the Claire’s business and brand.”

“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.” 

The sale is expected to preserve thousands of jobs, support vendors and landlords connected to Claire’s operations, and maintain the brand’s iconic presence targeting teens, tweens, and young girls. 

Lawrence Berger, Co-Founder of Ames Watson, expressed optimism about investing in Claire’s future, stating, “Claire’s has built a powerful emotional connection with generations of consumers through its focus on self-expression, creativity, and accessible fashion.”

“We are committed to investing in its future by preserving a significant retail footprint across North America, working closely with the Claire’s team to ensure a seamless transition and creating a renewed path to growth based on our deep experience working with consumer brands.”

This strategic move offers Claire’s a path forward through new ownership committed to revitalizing the business while retaining its core identity in the retail market.

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