Claire's unveils new cash management platform at nearly 800 stores
Claire’s is deploying a new cash deposit platform across its store fleet post acquisition.
The tween and teen accessories retailer will partner with Clip Money to have access to Clip’s convenient deposit network for simple and cost-effective cash deposits at its nearly 800 locations.
Clip’s end-to-end cash management provides full visibility into all store activity and brings services closer to each store than traditional banks could offer, according to the company. With one platform, employees can efficiently manage deposits, order change, and access deposit services across thousands of Clip network locations.
“Speed to deployment was absolutely critical for us. We needed a fast and flawless rollout to maintain continuity of critical operational processes, like cash deposits,” said Melissa Hahn, CFO of Ames Watson, the private equity firm which closed on its $140 million acquisition of Claire’s this month. “Clip quickly mobilized, provided training for our store leaders, and successfully deployed nearly 800 locations in a matter of days. Their responsiveness, attention to detail, and executional efficiency gave us confidence throughout the transition and truly set them apart from other partners. We look forward to building on this strong foundation with Clip as our trusted partner moving forward.”
Rather than having to go to their personal bank branch or using a cash pickup service, businesses who partner with Clip Money can deposit their cash at any ClipDrop Box, ClipATM, or ClipCenter located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day.
The acquisition of Claire's, which was announced in August, includes the continued operation of a minimum of 795 stores. As part of the agreement, Claire's paused the liquidation process at a large number of stores. (At the time of its filing, Claire’s had approximately 1,350 store locations in the United States and U.S. territories, with the total including Claire’s, Icing and shop-in-shop locations.)
[READ MORE: RCS secures lease agreements to keep Claire's stores open]
“We’re excited to partner with Claire’s, a brand that is both iconic and widely loved,” said Joseph Arrage, co-founder and CEO of Clip Money. “Our goal is to help them unlock greater efficiencies by keeping store associates closer to their customers, while simplifying reconciliation and cash management. By onboarding Claire’s to our full deposit network, we’re extending new levels of convenience and scalability. We look forward to delivering long-term value through this collaboration.”
