Claire’s shops across the country are at risk of closure as the business files for administration.
The jewellery and accessories business filed a notice of intention to appoint administrators today – with Interpath expected to take on the role in the coming days.
Claire’s UK shops will stay open after the administrators have been appointed, but there are fears the business could collapse if a buyer isn’t found.
It comes after Claire’s US and Canada commenced court-supervised restructuring proceedings after filing for bankruptcy. Separate proceedings are already ongoing in Germany and Austria.
Chris Cramer, Claire’s CEO, said: ‘This decision, while difficult, is part of our broader effort to protect the long-term value of Claire’s across all markets.
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‘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.’
Claire’s has more than 280 stores across the UK, but the business incurred losses of around £25million over the last few years – meaning it is now hiring administrators to find a buyer for its UK operations.
Elsewhere on the high street, River Island is set to close 33 of its shops as part of a rescue package which saw the rest of the business saved.
Hobbycraft has already closed at least 18 branches this year, with more expected to shut, and Morrisons is set to close 17 of its shops, affecting about 3,600 jobs.
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