The retailer Claire’s Holdings LLC, who runs the stores of the brands Claire and Icing in the USA and Gibraltar, sells his North American business activities to a subsidiary of the investment company Ames Watson. A corresponding agreement has already been signed, the company said on Wednesday. However, the transaction is still subject to the consent of the courts in the USA and Canada and other legal conditions.
This step follows the company’s decision to initiate a chapter 11 insolvency procedure in the USA and a similar procedure in accordance with the Companies’ Creditors Arrangement Act (CCAA) in Canada. The sale to Ames Watson, which also includes the intellectual property of Claire’s, is an important part of the corporate strategy for maximizing value in the context of the restructuring efforts, the retailer said.
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Following the agreement, Claire’s stopped the liquidation process in a considerable number of its branches in North America. In other branches, however, the liquidation continues.
Chris Cramer, the CEO of Claire’s, explained that the company had “tirelessly examined all options” in order to maintain the value of the brand and was “happy to have made this final agreement”. He also thanked the employees: inside for their continuous use in this “difficult time”.
Lawrence Berger, one of the founders of Ames Watson, assured that the company was ready to “invest in the future of Claire’s by receiving significant retail promotion throughout North America”. Claire’s established a “strong emotional connection to generations of consumers: inside”, emphasized Berger. He looks forward to working with the team to ensure a seamless transition and the “return to the growth path”.
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However, the financial difficulties of the fashion jewelry branchist go beyond North America. Claire’s UK and Claire’s Netherlands have also made bankruptcy applications. These are steps “to protect the company and its stakeholders, while future options are examined,” says a statement.
Regardless of this, restructuring procedures are also underway in Germany and Austria. Despite the challenges, the Claire’s branches in North America and Great Britain are expected, while the company goes through the restructuring process.
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