FASHION accessories chain Claire’s is facing an uncertain future on UK high streets, after its US parent firm filed for bankruptcy.
It is the second time the ear-piercing favourite has declared itself bust, after previously filing for bankruptcy in 2018.
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Its finances are now under pressure from weak consumer demand and supply chain uncertainty.
The filings showed that the parent business reported liabilities of up to $10billion (£7billion) and owed between 25,000 and 50,000 creditors.
Claire’s operates 2,750 stores worldwide, including 280 in the UK.
While British stores remain unaffected for now, the UK arm has lost £25million over the past three years and is at risk of collapsing into administration later this month.
It has been working with advisers to explore a sale or restructuring.
However, potential buyers, such as Hilco Capital, are understood to have walked away.
Retail experts say Claire’s is struggling to stay relevant.
Julie Palmer, from Begbies Traynor, said: “Claire’s low-price offering is clearly not strong enough to win over its core customers — teens and young adults — as they now have access to a vast array of affordable and convenient products online through platforms like Amazon and Temu.”
Claire’s boss Chris Cramer said: “We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.”
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