LNT Parent to Buy Claire's
Staff Staff -- Home Textiles Today, March 26, 2007
Apollo Management, the private investment partnership that owns Linens 'n Things, will soon add tween/teen fashion accessories retailer Claire's Stores to its roster of retailers.
Claire's management said it has "entered into a definitive agreement to be acquired by an affiliate of Apollo Management" in a $33-per-share transaction that equates to about $3.1 billion.
Claire's previously signed a licensing agreement for Whisper Soft Mills to make a full line of bedding and home décor products under the Claire's Room brand.
The retailer currently operates more than 3,300 stores in North America, Europe, the Middle East, and Japan; some units function via joint venture or license.