CLAIRE’S has announced a major turnaround following the chain’s bankruptcy filing in August, and it’s good news for fans.
In a huge U-turn, the iconic mall retailer will keep 950 stores open thanks to a key $140 million takeover.
Up to 950 Claire’s spots were saved from closure as private equity firm Ames Watson acquired the mall chain for $140 million, per a firm involved in the transaction.
This marks a notable increase from the $104 million valuation reported last month.
RCS Real Estate Advisors finalized lease agreements with landlords to keep over 800 stores operating and serving guests, the firm said in a September 19 news release viewed by USA Today.
The firm noted that it may possibly reach agreements on up to 950 Claire’s locations.
“Claire’s is one of those rare brands that defines a stage of life – old enough to buy your first lip gloss, but still young enough to believe it could change your world,” said Lawrence Berger, co-founder at Ames Watson, in a statement.
“The passion for this brand has been overwhelming, and we’re eager to include the community as we move forward.”
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