Retailer Claire’s signs deal to sell much of North American business to U.S. firm
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Accessories retailer Claire’s Holdings LLC says it has signed a deal to sell much of its North American business to turnaround specialist Ames Watson.
The deal reached with the U.S.-based private holding company covers both Claire’s intellectual property and some of its stores.
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Claire’s did not release the value of the deal nor the exact number of locations that are part of the transaction but says the agreement covers a “significant” quantity of stores.
As part of the transaction, it has also paused the liquidation it began at many but not all of its stores.
The deal requires court approval in the U.S. and Canada, where the company filed for creditor protection earlier in the month because it was struggling with increased competition and the ongoing shift away from brick-and-mortar retail.
Ames Watson is based in Maryland and has owned or invested in Lids, Mitchell & Ness and Fanatics.
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