"Fashion accessories chain Claire's is to sell all their 156 shops to WH Smith owner to investment firm Modella Capital. Administrator's have warned that the future of 145 remaining shops and around 1,000 staff's future remains uncertain. The majority of Claire's assets have been sold to Modella Capital including 1,000 workers across England and Ireland administrators at Interpath said."
"Natasha Harbinson, Interpath said, "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.""
Modella Capital has bought the majority of Claire's UK business and assets and acquired 156 shops. Administrators reported that the majority sale included about 1,000 workers across England and Ireland. Administrators warned that the future of 145 remaining shops and around 1,000 staff remains uncertain. Interpath administrators said they will keep all stores open for as long as they can. Natasha Harbinson of Interpath said that an agreement between Modella Capital and Ames Watson in the US related to the Claire's brand enabled the sale. The sale is presented as a measure to ensure the brand continues to trade on UK high streets.
Read at London Business News | Londonlovesbusiness.com
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