The UK and Ireland business of fashion accessories chain Claire’s has been bought out of administration by WH Smith and Crafter’s Companion owner Modella Capital, saving around 1,000 jobs.
Interpath, who led the sales process, confirmed the sale of ‘substantially most of the company’s business and assets’ to London-based specialist retail boutique Modella, which will also see 156 Claire’s stores across the UK and Ireland transfer to the company.
“Following an agreement between Modella Capital and Ames Watson in the US in relation to the Claire’s brand, we are pleased to confirm a sale of the majority of Claire’s UK business and assets which will ensure this popular brand will continue to trade on high streets up and down the UK,” said Natasha Harbinson, managing director at Interpath.
“In addition, we are also pleased to have secured a sale of the Claire’s business in Switzerland.
“Discussions with other interested parties continue in relation to the Claire’s entities in France, Italy and Poland.”
Its chief executive Chris Cramer described the decision as a “difficult” one to take and said its 278 shops in the UK and 28 in Ireland would remain open “while we explore the best possible path forward”.
The firm recorded a pre-tax loss of £4m on falling sales of £137m for the year to 3rd February 2024.
145 stores are not included as part of the transaction but will remain open and will continue to trade while the joint administrators continue to assess options for them.
Will Wright, Interpath’s UK CEO and joint administrator, added: “We’d like to express our sincere thanks to the thousands of Claire’s dedicated employees, as well as suppliers and other key stakeholders, who have supported us throughout the administration process.
“Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”