Private Equity Shop Deals Jewelry Deal
Houston Chronicle, TX
PEMBROKE PINES, Fla. — Jewelry retailer 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.
Under terms of the buyout, Claire’s Stores shareholders will receive $33 in cash per share.
Claire’s common stock will stop trading on the New York Stock Exchange after Tuesday’s market close. Shares closed up 5 cents to $32.98.
Claire’s 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.
Claire’s also named a new chief executive: Eugene S. Kahn, who most recently served as chairman and CEO of May Department Stores.
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