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Ames Watson Completes $140M Acquisition of Claire’s
The private equity firm has a plan to revive the mall staple.
Maryland-based private equity firm Ames Watson has finalized its purchase of Claire’s, the chain of mall-based accessories stores the caters to kids, tweens, and teens. Claire’s filed for Chapter 11 bankruptcy protection in August and initially warned it would have to close all of its stores in North America. The deal with Ames Watson will preserve hundreds of Claire’s stores, and thousands of jobs.
Columbia, Md.—Private equity firm Ames Watson has completed its acquisition of Claire’s.
The mall staple, which filed for bankruptcy in August, entered into an agreement with an affiliate of Ames Watson to sell its business operations and intellectual property in North America for $140 million.
The deal allowed Claire’s to preserve a significant portion of its network of 1,500 stores.
As per the agreement, Ames Watson will acquire at least 795 Claire’s/Icing stores and could keep as many as 950.
The remaining 550 North American stores will close.
In an Aug. 25 court filing, the retailer listed a total of 830 Claire’s/Icing stores that will remain open and 291 that are slated to close.
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The mall staple, which filed for bankruptcy in August, entered into an agreement with an affiliate of Ames Watson to sell its business operations and intellectual property in North America for $140 million.
The deal allowed Claire’s to preserve a significant portion of its network of 1,500 stores.
As per the agreement, Ames Watson will acquire at least 795 Claire’s/Icing stores and could keep as many as 950.
The remaining 550 North American stores will close.
In an Aug. 25 court filing, the retailer listed a total of 830 Claire’s/Icing stores that will remain open and 291 that are slated to close.
“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, partner and co-founder at Ames Watson.
“The passion for this brand has been overwhelming, and we’re eager to include the community as we move forward.”
The company said it will lead Claire’s with a “smaller but stronger” footprint and will apply its expertise in reviving struggling retailers.
Ames Watson acquired Lids, the hat store, in 2019 and said it helped grow the athletic headwear company into a billion-dollar business.
The company has also invested in WatchBox, Champion, and Fanatics.
To revive Claire’s, Ames Watson said it will focus on exclusivity, customization, and cultural relevance, referring to Claire’s as a “nostalgic rite of passage.”
Ames Watson wants to create an experience in Claire’s that can’t be replicated online.
The new Claire’s will feature “elevated” piercing offerings, new merchandise, new marketing, and new store concepts.
“Every turnaround we’ve done begins with people,” said Tom Ripley, partner and co-founder at Ames Watson.
“Claire’s has an incredibly passionate field team—many with 20 years or more in these stores—and their loyalty will be the foundation of this next chapter.”
Ames Watson said it is committed to preserving Claire’s heritage while positioning the brand for growth.
Claire’s has pierced many ears throughout its decades in business, including the ear of one of its lawyers, Joshua Sussberg of Kirkland and Ellis.
During a bankruptcy hearing in August, Sussberg promised that if he could find a buyer for Claire’s, he would get his ear pierced, according to a People report.
It would be his second piercing from Claire’s following the one he received in 1995 at the Claire’s store in the Town Center Mall in Boca Raton, Florida, when he was in high school.
On Sept. 9, when the agreement to sell Claire’s to Ames Watson was approved, the attorney made good on his promise.
Claire’s employee Tiffany Rivera, who has been with the chain for more than 10 years, pierced Sussberg’s ear right there in the courtroom.
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