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To: Duker who wrote (175)	11/2/1999 10:35:00 AM
From: Duker	Read Replies (1) \| Respond to of 179

Great news! Claire's Stores To Acquire Afterthoughts Accessory Chain From Venator Group For $250 Million PEMBROKE PINES, Fla., Nov. 2 /PRNewswire/ -- Claire's Stores, Inc. (NYSE: CLE - news) announced it has entered into a definitive agreement to acquire the assets of the Afterthoughts division of the Venator Group (NYSE: Z - news) for an estimated $250 million. The Afterthoughts acquisition is expected to be completed by December 1, subject to customary closing conditions and required regulatory approval. Afterthoughts operates 768 fashion accessory stores located in major regional malls in all 50 States, Canada, Puerto Rico, and the Virgin Islands. The stores range in size from 1,000 to 2,000 square feet and target a teen customer older than the core customer at Claire's Accessories stores. The acquired stores will continue to operate under Afterthoughts' various trade names as a separate division reporting to the holding company, Claire's Stores, Inc. Claire's expects to recognize one-time pre-tax, non-cash acquisition- related charges of approximately $6-8 million in the fourth quarter of this year. Claire's expects the acquisition to be accretive to earnings in fiscal year 2001 and beyond. Rowland Schaefer, Claire's Chairman and Chief Executive Officer, said, ``The Afterthoughts core customer is 14-19 years old, older than the Claire's Accessories core customer, who is 8-14. This gives Claire's Stores an additional platform for growth in the United States. The acquisition will also give Claire's greater buying power as we add approximately 768 stores to our current store base. In addition, the larger store base will further allow us to leverage our SG&A expenses through better utilization of our distribution and administrative functions.' Claire's Stores, Inc. will host a conference call on Tuesday, November 2, at 11 a.m. (EST). Key members of Claire's management will be available. The call-in number is 1-888-769-9720. The password is Claire. All interested persons are welcome to participate. International callers should dial 1-712-257-2772. The conference call also will be carried live on the internet and can be accessed through Claire's web site at www.clairestores.com. Claire's Stores, Inc., specializing in teens' fashion accessories, jewelry and apparel, currently operates more than 2,200 stores in the United States, the Caribbean, Canada, Japan, the United Kingdom, Switzerland, Austria, and Germany. This release contains ``forward-looking statements' which represent the company's expectations or beliefs with respect to future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation, changes in consumer preferences for teen apparel and accessories, competition, and economic conditions in the United States. SOURCE: Claire's Stores, Inc. --------------------------------------------------------------------------------