News Flash

Claire's Stores announces completion of sale to Apollo

30 May '07

4 min read

In addition to the appointment of Mr. Kahn as CEO, Claire's also announced that Mark G. Smith has rejoined the Company as President and Managing Director of its European Operations. Mr. 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. Gene Kahn commented, "Mark Smith brings us a wealth of experience in European accessories specialty retailing and an in depth knowledge of Claire's. We are very pleased to have him return to the Company to lead our efforts in Europe."

Marla Schaefer and Bonnie Schaefer, Claire's former Co-Chairmen and Co-CEOs jointly stated that, "The decision to sell Claire's to a private equity firm has been an emotional one, given our family's 30+ year involvement in building this company.

After our Board of Directors engaged in a lengthy review of the Company's strategic alternatives, we knew that this decision was the right one to make, both for the shareholders of Claire's and for the Company as a whole. Now that we have worked with members of the Apollo team and Gene Kahn for several months, we are confident that under this new leadership team, Claire's will have the talent and resources it needs to reach new heights and further its objective of becoming the world's leading retailer of value priced costume jewelry and accessories to female tweens, teens and young adults."

As a result of this transaction, Claire's Stores common stock will cease trading on the New York Stock Exchange at market close May 29, 2007, and will be delisted.

Shareholders who hold shares of Claire's common stock or Class A common stock through a bank or broker will not have to take any action to have their shares converted into cash, since these conversions will be handled by the bank or broker.

As soon as practicable, American Stock Transfer & Trust Company, a paying agent appointed by Apollo, will send information to all Claire's Stores shareholders of record, explaining how they can surrender their shares of Claire's common stock or Class A common stock in exchange for $33.00 per share in cash, without interest. Shareholders of record should await this information before surrendering their shares.

Claire's Stores Inc

More Claire's Stores Inc News... More Fashion News - United States Of America...