Claire’s has pulled off a surprising recovery just weeks after entering Chapter 11 bankruptcy. On August 20, the retailer revealed that Ames Watson, a private equity firm, will acquire its North America business and intellectual property. The deal, which must receive approval from U.S. and Canadian courts, includes $104 million in cash and a $36 million seller note.

The announcement brings relief for the company, which filed for bankruptcy on August 6 with $690 million in debt. Securing a buyer quickly became the top priority. At the time, CEO Chris Cramer confirmed that Claire’s had been negotiating with multiple partners to avoid a sweeping shutdown.

The agreement with Ames Watson halts the liquidation process in many locations. Although 18 stores are expected to close, the majority will continue operating. In fact, under the new plan, as many as 950 North American stores could remain open.

Instagram | @the_nostalgiachannel | Claire’s finds new support and continues serving shoppers across North America.

Key Details of Claire’s Rescue Deal

Retail experts see the move as a major lifeline. Without a buyer, Claire’s warned that up to 1,236 stores might have closed by October 31. The partnership with Ames Watson not only protects jobs but also preserves a strong presence in malls and shopping centers where the brand has long been a favorite for accessories and ear piercings.

1. Debt at filing -$690 million
2. Buyer – Ames Watson
3. Deal size – $104 million cash + $36 million note
4. Stores expected to remain – up to 950

New Leadership

Instagram | @berkcomm | Lawrence Berger described Claire’s as an “iconic retail brand.”

Ames Watson CEO Lawrence Berger described Claire’s as an “iconic retail brand” and said the firm is committed to both investing in its future and managing its transition responsibly. He pointed to Ames Watson’s track record with consumer companies as proof it can stabilize the chain and put it back on a growth path.

The deal represents a turning point for Claire’s. Instead of facing collapse, the retailer gains financial support and fresh direction—an opportunity to steady operations, rebuild customer trust, and stay competitive in a shifting market.

Claire’s story shows how decisive action and strong alliances can preserve a legacy name. The hope now is that the brand not only survives but adapts and flourishes in the years ahead.