Claire’s has appointed administrators for its UK and Ireland business
A general view of a sign above a Claire’s Accessories shop(Image: PA)
Fashion accessories chain Claire’s has announced its plans to go into administration, putting its 281 UK locations at risk. The company has submitted a Notice of Intention to Appoint Administrators (NOI) in the UK. Customers have been assured that the stores currently remain open and are continuing normal operations.
Claire’s has appointed administrators for its UK and Ireland business, putting around 2,150 jobs at risk. In a statement on Wednesday evening, Interpath confirmed Will Wright and Chris Pole have been appointed joint administrators.
Administrators are set to seek a potential rescue deal for the chain, which has seen sales drop after recent weak consumer demand. Interpath said the joint administrators will be contacting all of Claire’s employees in the UK and Ireland to “provide further information about what the administration means for them”.
Will Wright, UK chief executive at Interpath, said: “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.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern for as long as we can, while we assess options for the company. This includes exploring the possibility of a sale which would secure a future for this well-loved brand.”
A general view of a sign above a Claire’s Accessories shop(Image: PA)
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Claire’s attraction has waned, with its high street stores failing to pull in the business they used to.
“While they may still be a beacon for younger girls, families aren’t heading out on so many shopping trips, with footfall in retail centres falling.
“The chain is now faced with stiff competition from TikTok and Insta shops, and by cheap accessories sold by fast fashion giants like Shein and Temu.”
Claire’s has over 2,700 stores globally, it is a worldwide retailer that focuses on trendy and fun jewellery, hair accessories, cosmetics, and ear piercing services.
It sells a variety of products including jewellery and makeup. Since going bankrupt in 2018, Claire’s has been managed by its previous creditors, which include investment firms like Elliott Management Corp and Monarch Alternative Capital LP.
Below is a map of UK branches at risk after the fashion accessories chain called in the administrators.