The purple-and-white sign of Claire’s is basically the neon heartbeat of the American mall. If you grew up in the 90s or 2000s, you probably have a memory of clutching a $5 bill while waiting for a sterile piercing gun to go click into your earlobe. But behind the glitter and the JoJo Siwa bows, the business side of things has been a total mess for years.
Honestly, if you’re asking who bought Claire's 2025, you're likely seeing two very different headlines depending on which side of the Atlantic you're on.
In North America, the answer is Ames Watson. They closed a $140 million deal in September 2025 to rescue the brand from its second bankruptcy in seven years. But if you’re in the UK, the story is way more chaotic. Modella Capital stepped in last year, but as of January 2026, they’ve already filed for insolvency again. It’s a lot to keep track of.
The $140 Million Rescue: Ames Watson Takes the Reins
By the time August 2025 rolled around, Claire’s was staring down the barrel of total liquidation. They had over $1 billion in debt and were literally skipping rent payments at hundreds of locations. People thought it was the end. But Ames Watson, a private equity firm based in Maryland, saw something worth saving.
On September 19, 2025, Ames Watson finalized the purchase of Claire's North American business and its global intellectual property (IP). This wasn't just a "keep the lights on" deal; it was a major surgery. They paid $104 million in cash and threw in a $36 million seller note.
The strategy was pretty simple:
- Cut the fat: They shuttered roughly 700 underperforming spots, including all those "Icing" stores and the little Claire's kiosks inside Walmarts.
- Keep the core: They saved about 800 to 950 of the most profitable mall locations.
- The Lids Playbook: If the name Ames Watson sounds familiar, it’s because they’re the ones who turned Lids (the hat store) into a billion-dollar business. They’re trying to do the same thing here by focusing on "exclusivity" and better piercing tech.
Why the previous owners bailed
Before Ames Watson, the company was controlled by two hedge funds: Elliott Investment Management and Monarch Alternative Capital. They took over after the 2018 bankruptcy, but they never really got the momentum they wanted. They tried to take the company public with an IPO back in 2022, but the market was cold, and they eventually pulled the plug. By mid-2025, with a $500 million loan payment looming for 2026 and Trump-era tariffs making their China-sourced inventory way more expensive, they were done.
The UK Disaster: Modella Capital’s Short-Lived Reign
While the US side of the brand seems to be stabilizing under Ames Watson, the UK division is a different beast entirely.
In late September 2025, a firm called Modella Capital bought the UK and Irish operations. They only took 156 stores, leaving about 145 other locations in limbo. The hope was that they could integrate Claire’s into their other retail holdings, like the high-street arm of WH Smith (which they renamed TG Jones).
It didn't work.
By January 5, 2026, Modella filed for insolvency for both Claire’s UK and The Original Factory Shop. They basically said the profit margins on cheap jewelry and ear piercings just couldn't cover the rising costs of physical retail, rent, and inflation. Right now, the UK side of the brand is looking for another new owner, or it might just vanish from the British high street for good.
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Under Ames Watson, the North American footprint is much smaller but supposedly "stronger." They are betting everything on the "piercing experience." Basically, they know you can buy a $2 pair of earrings on Amazon or Temu, but you can’t get your ears pierced by a computer. That’s their moat.
Tom Ripley, a partner at Ames Watson, has been vocal about the fact that they are keeping the staff who have been there for 20+ years. They realize that the "field team" is the only reason people still walk into a physical store.
The Tech Overhaul of 2026
Surprisingly, Claire's is becoming a tech company (sorta). Malcolm Lamboy, who heads up their enterprise architecture, has been pushing a massive modernization of their point-of-sale systems. They’ve already slashed their cloud spending by 48% through automation. In 2026, you’ll likely see:
- Faster checkout processes in-store.
- Better data integration (so they actually know what's in stock before you drive to the mall).
- A "refreshed" loyalty program that doesn't feel like it's from 2005.
What This Means for You
If you're tracking who bought Claire's 2025 because you have gift cards or you’re a regular, here’s the bottom line:
- In the US/Canada: You’re fine. The brand has a stable owner in Ames Watson and is actually investing in new tech and store refreshes.
- In the UK/Ireland: It’s risky. With Modella Capital entering administration in early 2026, those stores are in a "wait and see" period. If you have a gift card there, spend it yesterday.
- The "Icing" Brand: It’s mostly dead. If you liked Icing's more "adult" accessories, you'll have to look elsewhere as most of those locations were liquidated in the takeover.
The "new" Claire's is trying to be more than just a place for cheap plastic. They’re leaning into "Gen Zalpha" culture and trying to make the store a destination again. Whether a private equity firm from Maryland can actually make the mall cool again is the $140 million question.
Actionable Next Steps
- Check the Store Locator: Before heading to the mall, check the official Claire's website. They’ve recently updated their list of "saved" locations versus those that are liquidating.
- Monitor UK Sales: If you're in the UK, keep an eye out for "closing down" sales as the administration process continues through the first quarter of 2026.
- Look for "C by Claire's": This is their new own-brand beauty range launched to compete with Sephora and Ulta. It's a key part of their survival strategy.
Regardless of who owns the deed to the stores, the Claire's brand name is still owned by Ames Watson globally. Even if the physical stores in your town close, the brand will likely live on through "shop-in-shop" partnerships or online-only sales. But for now, the purple-and-white era is sticking around in America, albeit with a much leaner, more calculated footprint.