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Claire's
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In 1961 a predecessor to Claire's, Fashion Tress, Inc., went public in over the counter trading. In 1973 the name was changed to FT Industries, Inc. when the former Chairman Emeritus, Rowland Schaefer, bought Claire's Boutiques, Inc. which operated 60 stores in the Chicago area. In 1983, the Company's name changed again, this time to Claire's Stores, Inc. The Common Stock was listed on the New York Stock Exchange in 1985 and began trading under the ticker symbol of CLE. The Company traces its beginnings to Rowland Schaefer, who established Fashion Tress, Inc., a manufacturer of wigs and accessories distributed worldwide. In the early 1980's, Mr. Schaefer set new strategic directions by divesting the business of capital-intensive manufacturing businesses in favor of the specialty retailing of women's fashion accessories. In the 90's, the emphasis of Claire's Stores shifted to value-priced jewelry and accessories for girls and young women. After decades of steady growth Claire's Stores undertook a review of strategic alternatives which ultimately led to the Company being sold to Apollo Management VI, L.P. and certain affiliated co-investment partnerships on May 29, 2007.