Aug 20 (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.

"We are glad to reach this definitive agreement to sell a

portion of our North America operations to Ames Watson and

maximize the value of our company for all our stakeholders," CEO

Chris Cramer said.

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."