An iconic mall staple is emerging from bankruptcy with a new private equity owner and plans to modernize.

The majority of Claire’s stores will stay open after Ames Watson acquired the brand’s brick-and-mortar operations for $140M, CoStar News reported. The affordable jewelry and accessories retailer had about 1,500 North American stores before filing for Chapter 11 bankruptcy in early August.

Ames Watson has finalized lease deals for more than 800 stores, with the potential to reach 950, according to RCS Real Estate Advisors, which advised on the takeover.

“Claire’s is more than just a retailer — it’s an iconic brand woven into the lives and memories of millions of shoppers,” RCS President and CEO Ivan Friedman said in a statement. “By drawing on our deep landlord relationships and expertise in structuring win-win agreements, we helped preserve hundreds of stores, protect thousands of jobs and ensure that future generations can continue to enjoy the Claire’s experience.”

Columbia, Maryland-based Ames Watson said Claire’s closures were determined by the estate prior to the sale first announced in August. At the time of filing, Claire’s identified 18 underperforming stores that would be closed whether the brand found a buyer or not.

The Hoffman Estates, Illinois-based retailer said last month that it would close 700 stores, including its Walmart shop-in-shops and all locations of Icing, Claire’s sister store aimed at slightly older shoppers.

The brand mulled liquidation of its 1,500-store footprint in the weeks between bankruptcy and finding a buyer, according to Retail Dive.

Claire's has offered ear piercing services for decades, drawing a consistent customer base of teen and tween shoppers. But in its bankruptcy filings, the chain store said changing consumer habits that have shifted shoppers away from malls, impacts of tariffs and competition from online retailers drove it to the point of bankruptcy.

Ames Watson “will focus on exclusivity, customization and cultural relevance” with “elevated piercing offerings, refreshed merchandise, marketing and store concepts,” CoStar reported. The goal is to create an experience that can’t be replicated online, according to the article.

“Claire’s is one of those rare brands that defines a stage of life, with a loyal community and cultural resonance,” Ames Watson partner and co-founder Lawrence Berger said in a statement. “Our focus is on protecting what people love about the brand while modernizing it for the next generation.”

Ames Watson makes control investments in profitable or unprofitable businesses with $20M to $5B in revenue, investing up to $500M or more, according to its website. Other brands in its portfolio include Lids and South Moon Under.

This summer was the second time in the past decade that Claire’s, established in 1961, filed for bankruptcy protection. It filed in 2018, hoping to shed $2B worth of debt before creditors Elliot Management Corp. and Monarch Alternative Capital took control of the company.