Claire's Stores announces completion of sale to Apollo

30 May '07

4 min read

Claire's Stores Inc announced the completion of the merger of the Company with an affiliate of Apollo Management, L.P. On March 20, 2007, an affiliate of Apollo Management, L.P.entered into a merger agreement with Claire's Stores to acquire the Company for a transaction value of approximately $3.1 billion.

Under the terms of the merger agreement, Claire's Stores shareholders are entitled to receive $33.00 in cash, without interest, for each share of Claire's common stock and Class A common stock.

Peter P. Copses, a senior partner of Apollo stated, "We are very pleased to have completed the acquisition of Claire's. We want to thank the Schaefer family for building an exceptional business over many years and we look forward to working with the team at Claire's to build on this legacy."

The Company also announced that Eugene S. Kahn has been appointed Chief Executive Officer. Mr. Kahn brings over 30 years of retailing experience to Claire's, having served most recently as the Chairman and Chief Executive Officer of May Department Stores. Mr. Copses commented, "Gene Kahn is a
proven executive in the retail industry whose leadership skills and background as an effective merchant were the ideal combination we were looking for in a CEO for Claire's." Mr. Kahn added, "I am excited about teaming with Apollo and look forward to leading Claire's, a company with a strong heritage, a dominant market position and an experienced management
team.

The Company has an excellent record built on strong merchandising and presentation strategies."Claire's has been and remains in the forefront of global specialty retailing with its self-branded, vertically integrated approach. I too look forward to working with the entire Claire's team as we begin the next chapter in the Company's history."

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