Private Equity Strikes Again

Claire Stores is being bought by Apollo Management LP.

Claire's Stores Inc., the Pembroke Pines-based costume jewelry retailer for teens, said Tuesday it has agreed to sell the company for $3.1 billion to New York-based private equity firm Apollo Management LP.

Under terms of the agreement, Claire's shareholders will receive $33 in cash per share. The purchase price represents a 7.3 percent premium to the stock's Monday closing price on the New York Stock Exchange.

Claire's, which operates about 3,000 stores in the U.S. and around the world under the names Claire's and Icing by Claire's, sells low-cost costume jewelry and accessories to tweens, teens and young adults.