The future of the retailer Claire’s is partially secured. The Modela Capital investment company has agreed to take over more than half of the business and assets in Great Britain and Ireland. The Deal confirmed by the insolvency administrator Interpath comprises the purchase of 156 branches from Claire’s for an unnamed sum. This step currently secures around 1,000 jobs.
The company said on LinkedIn: “Claire’s has been an estimated part of the British and Irish shopping streets since 1974. The brand is known for its role in self -expression, the first jewelry purchases and ear holes. Although the brand has been with great challenges in recent years, we believe that it still has a special place in the hearts of consumers: Inside of all generations. Potentially secure over a thousand jobs in Great Britain and Ireland. ”
However, the future of Claire’s remaining 145 locations is still being examined. Around 1,000 employees: Inside in these branches, you will not switch to modela. These branches remain open for the time being and the business operations continue, while the Interpath insolvency administrators are examining further options. The private equity company warned that it is “inevitable that this takeover will lead to some branch closures and job losses”. The landlords are currently negotiating how many locations can remain open.
Will Wright, the CEO of Interpath UK and one of Claire’s insolvency administrators, said: “Our intention is to continue the remaining branch portfolio as long as possible while we check the available options”. Wright admitted that Claire’s was facing “considerable” problems. Modela Capital must “work with all interested parties” so that the rescue plan is successful.
The future of Claire’s in other European markets is still being negotiated
The sale also had an international dimension. Natasha Harbinson, managing director of Interpath, confirmed that the insolvency administrators secured the sale of Claire’s business in Switzerland. The conversations about the fate of other Claire’s units in France, Italy and Poland are ongoing.
This is followed by the separate sale of Claire’s North American business in August to the private equity company Ames Watson for $ 104 million (around 96 million euros). The sale also included plans to close 290 US branches.
The British daughters of Claire’s had filed for bankruptcy on August 13th. This happened after an bankruptcy application according to Chapter 11 by the US parent company Claire’s Holdings. At the time of bankruptcy, 2,150 jobs were at risk in Great Britain and Ireland.
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