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The recent sale of more than half of the fashion accessory chain Claire’s stores in the UK has brought some relief to the company’s future, but concerns loom over the remaining shops and jobs. Modella Capital, known for acquiring the WH Smith High Street stores, has swooped in to purchase “substantially most” of Claire’s UK, as confirmed by joint administrators overseeing the process. While approximately 1,000 jobs and 156 stores have been saved through this deal, there are still 145 other stores excluded from the agreement, leaving the fate of those shops and their employees uncertain.
The collapse of Claire’s into administration in the UK and Ireland on August 13 threw 2,150 jobs into jeopardy and raised questions about the future of the popular chain known for its ear piercing services. The stores had been a staple destination for tweens and teens during the early 2000s, offering a vibrant array of hair bands, earrings, jewellery, and quirky items like slime and fluffy collectibles. Interpath, the lead in the sales process, indicated that around 1,000 employees from the stores not included in the Modella acquisition would not be transitioning to the new ownership.
With the majority of Claire’s UK business and assets now in new hands, there is hope for the brand to maintain its presence on High Streets across the UK. Natasha Harbinson, managing director at Interpath, expressed satisfaction in securing the sale and ensuring the continued operations of the beloved brand. However, the UK stores left out of the deal are set to remain operational as administrators evaluate their next steps. Modella Capital’s managing director, Joe Price, emphasized the challenges ahead for Claire’s but remained optimistic about the brand’s potential success with collaborative efforts from all involved parties.
In a bid to salvage the remaining Claire’s entities in other countries, administrators are actively engaged in discussions regarding the fate of the chain in Switzerland, France, Italy, and Poland. Meanwhile, the sale of Claire’s North American business to private equity firm Ames Watson for $104m and the impending closure of 290 stores in the US have further reshaped the company’s global footprint. Notably, Claire’s restructuring journey is not new to Modella Capital, having previously acquired over 480 WH Smith stores in various locations earlier this year, rebranding them under the name TGJones post-acquisition
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