Great news, Claire's fans! The iconic retailer may not be disappearing after all.
Earlier this month, the popular fashion jewelry and accessories retailer voluntarily filed for Chapter 11 bankruptcy for the second time in less than a decade, sharing in an Aug. 6 statement that the "difficult" decision was a "necessary" one, citing lower consumer spending, sales, less than ideal economic factors and a "shift" away from shopping at physical retail locations.
At the time, Claire's was uncertain of its future as a brick-and-mortar retailer in the U.S. and Canada, suggesting that it was exploring "all strategic alternatives," and while doing so, all of its stores in North America would remain open for business.
That said, shoppers and employees alike began to worry when it was later revealed that some 1,110 stores would close by Sept. 7 of this year.
Mere days after Claire's confirmed closures would occur, there has been a big twist. A buyer has stepped up to potentially "save" hundreds of the stores that had been set to shutter in just a few weeks.
On Wednesday, Aug. 20, Claire's CEO Chris Cramer said in a statement that after working "tirelessly to explore every option for preserving the value of the Claire's business and brand," the company has reached a "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."
As part of the agreement, Claire's has paused the liquidation process at a significant number of stores. We're told that as many as 950 stores may remain intact, while the approximately 150 other stores in North America are planning to move forward with the liquidation process. The sale is subject to approval by the Courts in the U.S. and Canada, and other customary closing conditions.
Related: Major Home Goods Chain Announces More Store Closures
"We are pleased to have the opportunity to partner with Claire's and support the next chapter for this iconic brand," Lawrence Berger, co-founder of Ames Watson–the private equity investment firm with a reputation for "transforming" brands–added in a statement on Wednesday.
"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."
What Does This Mean for Shoppers?
The news likely couldn't have come at a better time for tweens, teens and their parents, who are all gearing up for back-to-school with a fresh set of supplies and trendy accessories, as hundreds of the would-be defunct Claire's stores have paused the liquidation process and are expected to remain open.
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Specific details regarding the potential sale, including what stores would remain open and what locations would still close next month, are currently unclear, but Claire's said it would "continue to provide updates on the sale process through filings with the Courts in the U.S. and Canada," as they occur.
Next: 119 JCPenney Stores Sold in Deal Worth Nearly $1 Billion — See Which Ones Were Part of the Deal
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