Irish jobs at risk as Claire's and The Original Factory Shop collapse into administration

"Court records show that a notice of intention to appoint an administrator was filed in relation to both chains on Monday afternoon. A spokesman for the company said: "We have worked intensively in an effort to save both businesses, having made last-ditch attempts to rescue them, but neither has a realistic possibility of trading profitably again. "In these circumstances, administration is the only option. "In both cases, the legacy effects of trading prior to our ownership left them highly vulnerable.""

"Modella said tough retail conditions, including from government policies, were causing British businesses to "suffer". "The climate on the high street remains extremely challenging, and TOFS and Claire's are not alone in experiencing difficulties," the firm said. "The combination of very weak consumer confidence, highly adverse government fiscal policies, and continued cost inflation, is causing many established and much-loved businesses to suffer badly. "It's a simple fact that if retailers can't make money, they risk having to close, and jobs across the country are lost.""

1,355 employees at 154 Claire's shops in the UK and Ireland and 1,220 staff across 140 TOFS stores in the UK face job risk after insolvency notices were filed. Court records show a notice of intention to appoint an administrator for both chains. Modella Capital said intensive rescue attempts failed and neither business has a realistic prospect of trading profitably. The firm cited legacy effects from prior trading, weak consumer confidence, adverse government fiscal policies, and continued cost inflation as factors driving administration and potential closures.

Read at Irish Independent