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Claire's Stores

Operates chain of jewelry and accessory stores.

Headquarters:
3 SW 129th Avenue
Pembroke Pines, FL 33027
Employees: 7,560
CEO: Eugene Kahn
Privately held

Website: http://www.clairestores.com

Career Site

Claire's Stores, Inc. is a leading international specialty retailer offering value-priced costume jewelry, accessories and cosmetics to fashion-aware teens and young adults through its two store concepts: Claire's (North America and Europe) and Icing by Claire's.

The company is owned by private equity firm Apollo Management. It is no longer publicly traded.

At the end of August 2009, Claire's operated a total of 2,948 stores, of which 2,001 were located in all 50 states of the United States, Puerto Rico, Canada, and the U.S. Virgin Islands (our North American Division) and 947 stores were located in the United Kingdom, France, Switzerland, Spain, Ireland, Austria, Germany, Netherlands, Portugal, and Belgium (our European Division).

The company also franchised 194 stores in the Middle East, Turkey, Russia, South Africa, Poland and Guatemala under franchising agreements. It also operates 212 stores in Japan through Claire’s Nippon 50:50 joint venture with AEON Co. Ltd.

The company's two major categories of business are:
• Accessories — includes hair goods, handbags, small leather goods, and other fashion classifications, such as scarves, headwear, attitude glasses, leg wear and seasonal accessories, such as sunglasses, sandals, slippers and cold weather merchandise including hats, gloves, scarves and boots, as well as cosmetics
• Jewelry — includes earrings, ear piercing, necklaces, bracelets and rings

In fiscal year ending January 31, 2009, the company reported revenues of $1.41 billion, a 6% decrease from the previous year. Net loss for the year was $643.3 million due to writedown of assets. The company closed 118 stores in 2008.

History

The Company traces its beginnings to Rowland Schaefer, who established Fashion Tress, Inc. a manufacturer of wigs and accessories distributed worldwide. In the early 1980's, Mr. Schaefer set new strategic directions by divesting the business of capital-intensive manufacturing businesses in favor of the specialty retailing of women's fashion accessories.

In 1961, Fashion Tress, Inc. went public in over the counter trading. In 1973 the name was changed to FT Industries, Inc. when Chairman Emeritus, Rowland Schaefer, bought Claire's Boutiques, Inc. which operated 60 stores in the Chicago area. The Company name was changed to Claire's Stores, Inc. in 1983 and the common stock was listed on the New York Stock Exchange in 1985.

In December 1999, Claire's Stores completed the acquisition of Afterthoughts, a 768 store fashion accessory chain, from Venator. In 2001, the stores were renamed Icing by Claire's.

The company was sold to Apollo Management VI. L.P. and certain affiliated co-investment partnerships on May 29, 2007.

Benefits

Claire's offers multiple Medical and Dental options, including a National HMO. Life Insurance, Supplemental Life Insurance, and Accidental Death and Dismemberment coverage is also provided.

As a part of our income protection programs, associates may be eligible for Sick Days, Short and Long Term Disability, and Salary Continuation based on their position.

In addition to the income protection programs, Claire's Stores offers several other forms of paid time off including vacation, personal, and religious holidays.

Associates can purchase Claire's Stores stock on a payroll deduction basis, with no fees or commissions charged.

The company also offers a 401(K) plan, with matching company contributions.

Updated November 7, 2009