Claire's has found its white knight.

The tween and teen accessories retailer, which filed for Chapter 11 in August for the second time in seven years, has entered into an agreement to sell a "significant" portion of its North American business operations to an affiliate of private equity firm Ames Watson for $104 million in cash and a $36 million seller note, according to court documents . The deal comes a couple of weeks after Claire's warned it could liquidate its North American operations if it didn't find a buyer.

Under the terms of the deal, Ames Watson will acquire Claire's IP and operate Claire’s business across North America. This includes the continued operation of a minimum of 795 stores that could rise to 950 stores, reported WWD .

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