Mr. Rags Stores Sold to Local Investment Group
An Irvine, Calif.-based private investment group has purchased Mr. Rags, a Long Beach, Calif.-based 154-store chain selling urban, surf, skate and street-styled apparel for young men and juniors, from accessory retailer Claire’s Stores Inc. Terms of the deal were not disclosed.
Led by Ivan Spiers and Bruce Friedman, the investment group plans to expand the number of Mr. Rags stores. Pembroke Pines, Fla.-based Claire’s sold the chain, which is also known as the company’s Lux apparel division, to focus on its main business. Claire’s put Lux up for sale in January. —Nola Sarkisian-Miller
