Claire's Stores near $3 billion takeover

Private equity firm Apax is believed to be the front-runner to acquire jewelry and accessories retailer Claire's Stores Inc. in a $3 billion deal, Britain's Sunday Telegraph said.

Claire's said in December that it was exploring strategic alternatives for its business, including a possible sale, and that it retained Goldman, Sachs & Co. as an adviser.

The Telegraph report said the deadline for final bids was last Wednesday, and Apax is believed to be in the lead after other private equity bidders backed out.

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Apax has already lined up a senior management team for Claire's, the report said, citing an executive close to the situation.

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Pembroke Pines, Florida-based Claire's Stores, which operates more than 3,000 stores worldwide, was founded in 1961 by Rowland Schaefer, whose daughters Bonnie and Marla Schaefer each serve as co-chairman and co-CEO.

Claire's officials could not immediately be reached for comment.