Hoffman Estates, Ill.—Claire’s has detailed in a new court filing which of its nearly 1,500 stores in North America will be closing and which will remain open.
The jewelry and accessories retailer filed for Chapter 11 bankruptcy protection for a second time last month, filing in both the United States and Canada and was looking for a buyer for some or all of its assets.
Claire’s did find a buyer, selling its business operations and intellectual property in North America to an affiliate of Ames Watson, a Maryland-based private equity firm that has invested in WatchBox, Lids, Champion, and Fanatics, among others.
The deal, valued at $140 million, allows the retailer to preserve a portion of its store network.
According to court documents filed when the deal was announced last month, the Ames Watson affiliate will acquire at least 795 of the more than 1,500 Claire’s and Icing stores in North America and could keep as many as 950, more than 60 percent of the entire store network.
The remaining 550 stores are set to close.
An Aug. 25 court filing shows that, as of press time, 830 Claire’s/Icing stores will remain open, and 291 are slated to close.
Exhibit A of the court filing lists the exact locations of the 235 Claire’s stores and 56 Icing brand stores that will close, while Exhibit B lists the 785 Claire’s and 45 Icing locations that will remain open for now.
Based in the Chicago suburb of Hoffman Estates, Illinois, Claire’s operates more than 2,750 stores in 17 countries across North America and Europe, as well as Icing fashion jewelry and accessories stores, as per its website.