Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SCHAEFER MARLA L
  2. Issuer Name and Ticker or Trading Symbol
CLAIRES STORES INC [CLE]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Co-Chairman and Co-CEO
(Last)
(First)
(Middle)
C/O CLAIRE'S STORES, INC., 3 S.W. 129TH AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
05/29/2007
(Street)

PEMBROKE PINES, FL 33027
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock $0.05 par value 05/01/2007   G V 303,030 D $ 0 454,546 I By RS Trust (1)
Common Stock $0.05 par value (2) 05/29/2007   D   110,408 D $ 33 0 D  
Common Stock $0.05 par value (2) 05/29/2007   D   68,865 D $ 33 0 I By SFHI (3)
Common Stock $0.05 par value (2) 05/29/2007   D   454,546 D $ 33 0 I By RS Trust (4)
Common Stock $0.05 par value (2) 05/29/2007   D   1,850,702 D $ 33 0 I Schaefer A Partnership (5)
Common Stock $0.05 par value (2) 05/29/2007   D   75,000 (6) D $ 33 0 D  
Class A Common Stock (2) 05/29/2007   D   4,475,850 D $ 33 0 I See Footnote 7 (7)
Common Stock $0.05 par value (8) 05/29/2007   A   31,250 A $ 0 31,250 D  
Common Stock $0.05 par value (2) 05/29/2007   D   31,250 D $ 33 0 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) (2) $ 10.19 05/29/2007   D     50,000 12/13/1999 12/13/2009 Common Stock 50,000 $ 22.81 (9) 0 D  
Employee Stock Option (right to buy (2) $ 18.61 05/29/2007   D     100,000 02/02/2004 02/02/2014 Common Stock 100,000 $ 14.39 (9) 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SCHAEFER MARLA L
C/O CLAIRE'S STORES, INC.
3 S.W. 129TH AVENUE
PEMBROKE PINES, FL 33027
  X     Co-Chairman and Co-CEO  

Signatures

 /s/ Marla L. Schaefer   05/31/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These shares were gifted to the Rowland and Sylvia Schaefer Foundation (the "Foundation"), a not-for-profit charitable organization of which the Reporting Person is a director, by the Rowland Schaefer Trust (the "RS Trust"), of which the Reporting Person is a co-trustee. The Reporting Person disclaims beneficial ownership of these shares except to the extent of the Reporting Person's pecuniary interest in these shares.
(2) This report relates to the exempt disposition of issuer securities by the Reporting Person pursuant to the Agreement and Plan of Merger dated as of March 20, 2007, among Claire's Stores, Inc., Bauble Holdings Corp. and Bauble Acquisition Sub, Inc. (the "Merger Agreement").
(3) The Reporting Person owns a controlling interest in Schaefer Family Holdings, Inc. ("SFHI"). The Reporting Person disclaims beneficial ownership of these shares, except to the extent of the Reporting Person's pecuniary interst in these shares.
(4) The Reporting Person is a co-trustee of the RS Trust. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of the Reporting Person's pecuniary interest in these shares.
(5) The Reporting Person is Co-President of the general partner of the Schaefer A Partnership, LP LLLP (the "Schaefer A Partnership"). The 1,850,702 shares were transferred to the Schaefer A Partnership in exempt transactions on 05/01/2007 (745,916 shares were transferred from the Sylvia Schaefer Trust and 1,104,786 shares were transferred from the RS Trust, of each of which trust the Reporting Person is a co-trustee), in exchange for pro-rata limited partnership interests in the Schaefer A Partnership by the respective transferees. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of the Reporting Person's pecuniary interest in these shares.
(6) Restricted shares (vested and unvested).
(7) Shares held by the Schaefer A Partnership. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of the Reporting Person's pecuniary interest in these shares.
(8) This number represents the total number of stock units issued to the Reporting Person under the Company's 2006 Long Term Incentive Plan.
(9) This option to purchase common stock was, in accordance with the Merger Agreement, canceled and converted into the right to receive a cash payment equal to the excess of the $33.00 per share cash merger consideration over the exercise price per share of the option, multiplied by the number of shares subject to the option.

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