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Friday, Jun 2, 2023

Claire’s Agrees to Buyout

Claire’s Stores Inc., operators of some 3,000 fashion accessory stores internationally and a fixture in just about every San Fernando Valley shopping mall, has agreed to be acquired by Apollo Management L.P. for $3.1 billion or $33 per share. Apollo, a private equity firm, has investments in a number of retail operations including General Nutrition Centers, Linens ‘n Things and Zale Corp. The deal, which is subject to regulatory and shareholder approval, marks a milestone for family-operated Claire’s. The Schafer family continues to hold a substantial portion of the company’s stock. Shares in Claire’s rose to $31.22 in afternoon trading after closing on Mar. 19 at $30.76 per share.

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