Claire’s said Wednesday it sold most of its North American business to private equity firm Ames Watson, just weeks after the jewelry retailer filed for bankruptcy protection. The financial terms of the deal were not disclosed.
The company said the agreement would pause liquidation at most stores and significantly benefit the business, though some North American locations would still close. CEO Chris Cramer said the team worked tirelessly to preserve the value of Claire’s and was glad to reach a definitive deal with Ames Watson.
Ames Watson, a private holding company with more than $2 billion in revenue, said it was committed to preserving a significant retail footprint across North America and creating a renewed path to growth through its experience with consumer brands.
Claire’s, burdened by nearly $500 million in debt and facing rising competition, filed for bankruptcy earlier this month. The company had previously filed in 2018, a process that eliminated nearly $2 billion in debt and kept stores running.
Source: CNBC
