Claire's Stores Completes 53 Store Acquisition In Europe
PEMBROKE PINES, Fla., Nov. 11, 1998 -- Specialty retailer Claire'sStores, Inc. (NYSE:CLE), announced today that the Company has completed anacquisition of Bijoux One, a privately held 53-store fashion accessory chain.
Bijoux One, headquartered in Zurich, Switzerland, becomes a wholly ownedsubsidiary of Claire's Stores, Inc. Peter Bossert, the former owner of Bijoux One, will remain with the Company as President and Managing Director. He has extensive experience running retail operations throughout Europe, Canada and Asia.
Bijoux One stores are located in Switzerland (31), Austria (21) andGermany (1). The stores are located in prime city centers and malls and are approximately 1200 square feet in size. Sales during 1997 were approximately $16 million; sales for 1998 are estimated at $22 million.
Rowland Schaefer, Claire's Chairman and Chief Executive Officer, said, "Weare very pleased with the acquisition of Bijoux One. Claire's intention is to integrate the current Bijoux One merchandise with Claire's merchandise. This was the path we took with our successful U.K. acquisition of Bow Bangles (Claire's Accessories, U.K.) in February of 1996. Claire's intention is to use Bijoux One as a platform for expansion of the Claire's Accessories concept into Continental Europe. We have been extremely pleased with our U.K operations, where we have grown the chain from 48 stores to approximately 170 stores in less than three years."
Claire's Stores, Inc., a leading mall-based retailer of popular-pricedteens' accessories and costume jewelry, currently operates approximately 1,920 Claire's Accessories and Icing stores throughout the United States, the Caribbean, Canada, Japan, United Kingdom, Switzerland, Austria and Germany.
The Company also operates 75 Mr. Rags stores providing a life-styled product mix focusing on urban, surf, skate, and streetwear markets geared primarily towards male teens; and JUST NIKKI:), a catalog specializing in apparel and accessories for teenage girls.
This release contains "forward-looking statements" which represent thecompany's expectations or beliefs with respect to future events. Theseforward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation, changes in consumer preferences for teen apparel and accessories, competition, and economic conditions in the United States and Europe.
For further information, contact Sonia Conroy, Associate Director ofInvestor Relations of Claire's Stores, 212-594-3127, or e-mailsconroy@prodigy.net.
SOURCE Claire's Stores, Inc.
CONTACT: Sonia Conroy, Associate Director, Investor Relations,Claire's Stores, 212-594-3127, or e-mail, sconroy@prodigy.net
Contacts:
Sonia Conroy, Associate Director, Investor Relations,
Claire's Stores, 212-594-3127, or e-mail, sconroy@prodigy.net
