Hundreds of Claire's stores aren't closing anymore—here's why
The company began bankruptcy proceedings on August 6 with $690 million in debt. However, Claire's hasn't disclosed the amount Ames Wilson would pay for the assets. It did state that the sale will 'significantly benefit' its attempt 'to create value' during restructuring.
Finding a buyer has been a critical goal for Claire's. At the time of filing, Claire's CEO Chris Cramer said the company was in 'active discussions with potential strategic and financial partners' to find alternatives to shutting down stores.
Claire's had claimed its North American stores would stay open during bankruptcy proceedings, but named 18 locations across the country that would likely close soon. It said another 1,236 stores could close by October 31 if the company didn't find a buyer in time.
In light of the agreement, 'Claire's has paused the liquidation process at a significant number of stores.' The stores that will stay open could total as many as 950 in North America, though some stores in the region will continue with liquidation.
'We are pleased to have the opportunity to partner with Claire's and support the next chapter for this iconic brand,' Ames Watson CEO Lawrence Berger said in a statement. '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.'
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