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(Reuters) -Fashion jewelry retailer Claire’s said on Wednesday it would sell its North America business to private equity firm Ames Watson for an undisclosed amount, as the company aims to cut losses while navigating ongoing U.S. bankruptcy proceedings. The retailer operating more than 2,300 stores across 17 countries in North America and Europe, disclosed $690 million in debt in U.S. bankruptcy court filings in Delaware earlier this month, marking its second bankruptcy protection filing since 2018. "The sale of these stores and Claire’s IP to Ames Watson will significantly benefit the Company’s efforts to create value through its Restructuring Proceedings," the company, which sells necklaces, bracelets and accessories, including headphones and soft toys, said. The sale requires approval from the U.S. and Canadian courts. Ames Watson is a permanent capital holding company generating more than $2 billion in revenue, according to its website. It acquires, transforms, and partners with middle-market companies to build long-term value. Claire’s has suffered in recent years from increased competition, high rent costs, and new tariffs on imports from supplier nations such as China, Thailand and Vietnam. The company said liquidation will continue for its other North American stores that are not being sold. Ames Watson co-founder Lawrence Berger said that the firm was "committed to investing in its (Claire’s) future by preserving a significant retail footprint across North America."

Consumers are expected to spend a record $27.5 billion on Valentine’s Day this year.