High street stalwart Claire’s has confirmed it will file for administration, putting all 281 stores and more than 2,000 jobs at risk.
The accessories giant, a mainstay of Britain’s high streets, today announced will appoint administrators for its UK and Ireland business.
The jewellery and accessories chain loved by teenagers is expected to draft in a consultancy firm in the coming days to oversee possible store closures.
The US retailer was founded in 1961 and has stores in Canada, the UK, France, Spain and Germany as well as Saudi Arabia and Qatar.
Originally known as Claire’s Boutique and Claire’s Accessories, the shops targeted teenage girls with brightly coloured and affordable accessories, jewellery, toys and ear piercing services.
For now Claire’s UK stores will remain open and continue to trade, store employees will remain in their positions and customers can continue to shop as usual.
The company’s directors have said consultants Will Wright and Chris Pole from Interpath are expected to be formally appointed as joint administrators to Claire’s UK.
Claire’s has confirmed it will file for administration, jeopardising all of its 281 UK stores
The jewellery and accessories chain loved by teenagers has already announced the closure of all its 1,326 stores across the US
Chris Cramer, chief executive officer, said: ‘This decision, while difficult, is part of our broader effort to protect the long-term value of Claire’s across all markets.
‘In the UK, taking this step will allow us to continue to trade the business while we explore the best possible path forward.
‘We are deeply grateful to our employees, partners and our customers during this challenging period.’
This announcement follows Claire’s U.S. and Canadian affiliates recently commencing court-supervised restructuring and liquidation proceedings.
Separate proceedings are also already underway in Germany and Austria.
In 2018 the company filed for bankruptcy in the US with plans to shut underperforming stores but by 2022 announced improved sales.
However earlier this year they once again filed for bankruptcy in the US once again and announced the closure of all of its 1,326 stores.
It still operates 2,750 stores in 17 other countries as well as 281 stores in the UK.
This is a breaking story, more to follow.
