Ames Watson announced on Friday the acquisition of Claire's North America business for $140 million, with the privately held investment firm looking to revitalize the embattled U.S. retailer.

The Columbia -based firm said it is "committed to preserving Claire's heritage while positioning the company for sustained growth," and "will focus on exclusivity, customization, and cultural relevance," according to a press release.

"Claire's is one of those rare brands that defines a stage of life - old enough to buy your first lip gloss, but still young enough to believe it could change your world," said Lawrence Berger, partner and co-founder at Ames Watson, which acquired Lids in 2019, before growing it into a billion-dollar business.

"The passion for this brand has been overwhelming, and

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