The fashion accessories retailer Claire's has announced plans to appoint administrators in the UK and Ireland, putting 2,150 jobs at risk across its 278 UK stores and 28 Irish outlets. The company filed a notice of intention to appoint Interpath, which will assess options while the business continues trading.
Chris Cramer, chief executive of Claire's, said the decision is part of efforts to protect the long-term value of the brand across all markets. In the UK, this step allows the company to continue trading while exploring the best path forward. The US and Canadian divisions filed for bankruptcy earlier this month.
Interpath UK chief executive Will Wright said the firm will endeavour to operate all stores as a going concern while assessing options, including a possible sale to secure the brand's future. However, recent reports indicate potential bidders, such as Hilco Capital, have backed away from making an offer.
Claire's has struggled against competition from online retailers like Amazon and fast-fashion giants such as Shein and Temu. The British arm has recorded losses of £25 million over the past three years, with a £4.7 million loss in the year to March last year. It also carries an outstanding loan of $480 million due by December next year.
The chain, which began in 1961 and became a staple on British high streets, previously filed for bankruptcy in the US in 2018 but recovered after restructuring. Analysts predict further store closures as the company seeks to reduce its store footprint.
