PEMBROKE PINES, Florida: Jewelry retailer Claire s Stores Inc. said Tuesday it had closed its deal to be purchased by private equity firm Apollo Management LP for about $3.1 billion ( 2.
29 billion).
Under terms of the buyout, Claire s Stores shareholders will receive $33 in cash per share. Claire s common stock will stop trading on the New York Stock Exchange after Tuesday s market close.
Shares closed up 5 cents to $32.98.
Claire s operates about 3,000 stores in the U.
S. and around the world under the names Claire s and Icing by Claire s. It sells low-cost costume jewelry and accessories primarily to "tweens," teens and young adults.
Claire s also named a new chief executive: Eugene S. Kahn, who most recently served as chairman and CEO of May Department Stores.
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