Ames Watson Revitalizes Claire's with $140M Acquisition, Plans 950 Stores
Ames Watson has acquired Claire's North American business for $140 million, aiming to revitalize the struggling retailer and preserve its heritage. The acquisition comes after Claire's filed for Chapter 11 bankruptcy in August 2022, citing various challenges including interest rate hikes, inflation, and competition. Initially, Claire's was considering liquidating its full 1,500-store footprint in North America. However, Ames Watson plans to keep at least 800 stores open, with the potential to reach 950. Ames Watson, known for its successful turnaround of Lids, intends to employ a similar strategy for Claire's, focusing on exclusivity, customization, and cultural relevance. The new owner also plans to elevate Claire's piercing service and refresh its merchandise and store concepts. Ames Watson invests its own capital and focuses on long-term success for its acquisitions. This approach is expected to help Claire's compete with other retail piercings businesses, such as Studs, which is planning to open another 10 locations in 2025. With Ames Watson's acquisition and strategic plans, Claire's is poised for a comeback. The company aims to preserve Claire's heritage while positioning it for sustained growth in the competitive retail landscape.
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