Connect with us

Business

Claire’s sells most of its North American business after filing for bankruptcy protection

Published

on

Claire’s sells most of its North American business after filing for bankruptcy protection


Jewelry is displayed at a Claire’s store in Novato, California, on June 23, 2025.

Justin Sullivan | Getty Images

Claire’s announced Wednesday it is selling most of its North American business to private equity firm Ames Watson, just weeks after the jewelry retailer declared bankruptcy.

The companies did not disclose any financial details of the deal.

Claire’s said the move comes as the tween retailer is examining every option to “maximize the value of its business.” It also said it will pause the liquidation process at most of its stores as part of the deal, which Claire’s said will “significantly benefit” the company.

Claire’s said the liquidation process will continue at some of its North American stores.

“As we continue through our restructuring proceedings, our team has worked tirelessly to explore every option for preserving the value of the Claire’s business and brand,” CEO Chris Cramer said in a statement. “We are glad to reach this definitive agreement to sell a portion of our North America operations to Ames Watson and maximize the value of our company for all our stakeholders.”

Ames Watson is a private holding company with more than $2 billion in revenue, focused on purchasing and transforming companies, according to its website. Its portfolio includes Lids, Champion Teamwear and South Moon Under.

“We are committed to investing in its future by preserving a significant retail footprint across North America, working closely with the Claire’s team to ensure a seamless transition and creating a renewed path to growth based on our deep experience working with consumer brands,” Ames Watson’s co-founder Lawrence Berger said in a statement.

The retailer filed for bankruptcy protection earlier this month, weighed down by nearly $500 million in debt and an increasingly competitive sales environment. The company is also expected to bear the brunt of tariff impacts on suppliers from countries such as China and Vietnam.

Claire’s last filed for bankruptcy protection in 2018, also due to a staggering debt load. At the time, the company underwent a strategic restructuring and raised new capital, which allowed it to eliminate nearly $2 billion in debt and keep stores running.

Don’t miss these insights from CNBC PRO



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Govt keeps petrol, diesel prices unchanged for coming fortnight – SUCH TV

Published

on

Govt keeps petrol, diesel prices unchanged for coming fortnight – SUCH TV



The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.

This decision was notified in a press release issued by the Petroleum Division.

Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.

Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.

Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.

The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.

 



Source link

Continue Reading

Business

Serial rail fare evader faces jail over 112 unpaid tickets

Published

on

Serial rail fare evader faces jail over 112 unpaid tickets


One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.

Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.

He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.

He will be sentenced next month.

District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.

He pleaded guilty to 76 offences on Thursday.

It came after he was convicted in his absence of 36 charges at a previous hearing.

During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.

They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.

But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.



Source link

Continue Reading

Business

JSW Likely To Launch Jetour T2 SUV In India This Year: Reports

Published

on

JSW Likely To Launch Jetour T2 SUV In India This Year: Reports


JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.

Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra. 

According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.

Add Zee News as a Preferred Source


Expected Powertrain

The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.

Design

In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction. 

Size

The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.

Price

Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.

Jetour

Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.



Source link

Continue Reading

Trending