The US parent firm of Claire's has notified administrators at Interpath, which appointed joint administrators for the business. This action raises concerns about the future of its 306 stores, primarily in the UK and Ireland. While the stores will remain open and employees will maintain their positions, administrators will seek a potential rescue deal. The firm has filed for Chapter 11 bankruptcy for the second time, prompting leaders to reassess their strategy to protect the brand's long-term value.
Will Wright, UK chief executive at Interpath, stated, "Claire's has long been a popular brand across the UK, known not only for its trend-led accessories but also as the go-to destination for ear piercing." He emphasized the aim of continuing store operations as a going concern while exploring options for the company.
Chris Cramer, chief executive of Claire's, mentioned, "This decision, while difficult, is part of our broader effort to protect the long-term value of Claire's across all markets. In the UK, taking this step will allow us to continue to trade the business while we explore the best possible path forward."
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