Claire's under New Private Ownership

By JCK Online Staff -- JCK Online, May 30, 2007

Claire's Stores Inc. said Tuesday it had closed its deal to be purchased by private equity firm Apollo Management LP for about $3.1 billion.

On March 20, an affiliate of Apollo Management entered into a merger agreement with Claire's Stores to acquire the company. Under the terms of the agreement, Claire's Stores shareholders will receive $33 in cash per share. Claire's common stock stopped trading on the New York Stock Exchange after Tuesday's market close

Claire's named Eugene S. Kahn as chief executive of the company. He most recently served as chairman and chief executive officer of May Department Stores. In addition, Mark G. Smith has rejoined the company as president and managing director of its European Operations. Smith co-founded one of the predecessors to Claire's U.K. business and successfully led the European operations of Claire's from 1996 to 2002.

Claire's, based in Pembroke Pines, Fla., operates about 3,000 stores in the U.S. and around the world under the names Claire's and Icing by Claire's. It sells low-cost costume jewelry and accessories primarily to "tweens," teens, and young adults.