Claire's announcement comes at a time when private-equity firms are acquiring retailers at a rapid pace. Some recent big-name chains that have been or are being taken private recently include Outback Steakhouse, Michael's and Petco.
Claire's stock closed yesterday at $31.91 and started trading Friday morning above $33. Its 52-week high is $36.73, while the low is $23.88.
Last month the retailer posted flat year-over-year same-store sales and a 1% drop during October. In its third quarter, which ended Oct. 28, same-store sales were flat, while net income fell to $36.6 million from $38.1 million a year ago. Net sales were up 6%, reaching $347.6 million.
Claire's operates 3,000 stores in North America and Europe under the Claire's and Icing By Claire's banners. In Japan it has 195 units through a joint venture, and the company licenses 115 stores in the Middle East and Turkey, as well as eight in South Africa. In the last 10 years the company's store count has more than doubled, and the chain brings in sales per sf of $477.
Claire's was founded in 1961 as Fashion Trees, and in 1973 the company bought a chain of 30 stores in the Chicago area called Claire's Boutiques. Claire's Stores was formed in 1983 and went public in 1985.
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