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Fashion Network
3 hours ago
- Fashion Network
Fears for Claire's UK as bidders are thin on the ground
As its American parent files for bankruptcy, there are concerns that the UK arm of budget jewellery and accessories retailer Claire's may struggle to find a buyer, raising the prospect of further job losses in a British retail sector already under pressure. A report by Sky News said the news organisation 'has learnt that advisers to Claire's Inc… are not expected to land a solvent bid for its UK chain'. The British operation trades from around 300 British stores and the Europe-wide workforce (including the UK) numbers around 5,000. Claire's UK isn't expected to file for administration imminently, although it could happen this month, according to Sky's sources. That prospect comes as potential bidders appear to have got cold feet 'as the scale of the chain's challenges has become clear', a 'senior insolvency practitioner' told Sky. Those interested inthe business had been believed to include Lakeland owner Hilco Capital. There has also been speculation that as many as a third of the UK shops could be closed if the chain is to survive. Restructuring firm Interpath Advisory had been hired to find a buyer for the UK and European operations. It hasn't commented on the latest report. Meanwhile, Julie Palmer, partner at insolvency specialist Begbies Traynor, told 'Claire's second bankruptcy in seven years is emblematic of the broader crisis gripping the high street, both at home and abroad. The once-popular budget jeweller has struggled to keep pace with the rapid shift to online shopping. Its reliance on physical stores — once a key strength — has become a major liability. With its core customers of young teenagers having the ability to shop around with their thumbs across an ever-expanding range of internet options for cheaper and more convenient alternatives, a wave of store closures in the coming months looks inevitable. 'Tariffs have added to the strain. Claire's is heavily reliant on low-cost Chinese imports and the [parent company's] prospect of repaying the $500 million loan in December next year will be looming heavily over management's minds. The message is clear: the structural changes impacting every retailer have only accelerated meaning other long-standing names will have to adapt quickly to avoid a similar fate.'
Fashion Network
3 hours ago
- Fashion Network
Fears for Claire's UK as bidders are thin on the ground
As its American parent files for bankruptcy, there are concerns that the UK arm of budget jewellery and accessories retailer Claire's may struggle to find a buyer, raising the prospect of further job losses in a British retail sector already under pressure. A report by Sky News said the news organisation 'has learnt that advisers to Claire's Inc… are not expected to land a solvent bid for its UK chain'. The British operation trades from around 300 British stores and the Europe-wide workforce (including the UK) numbers around 5,000. Claire's UK isn't expected to file for administration imminently, although it could happen this month, according to Sky's sources. That prospect comes as potential bidders appear to have got cold feet 'as the scale of the chain's challenges has become clear', a 'senior insolvency practitioner' told Sky. Those interested inthe business had been believed to include Lakeland owner Hilco Capital. There has also been speculation that as many as a third of the UK shops could be closed if the chain is to survive. Restructuring firm Interpath Advisory had been hired to find a buyer for the UK and European operations. It hasn't commented on the latest report. Meanwhile, Julie Palmer, partner at insolvency specialist Begbies Traynor, told 'Claire's second bankruptcy in seven years is emblematic of the broader crisis gripping the high street, both at home and abroad. The once-popular budget jeweller has struggled to keep pace with the rapid shift to online shopping. Its reliance on physical stores — once a key strength — has become a major liability. With its core customers of young teenagers having the ability to shop around with their thumbs across an ever-expanding range of internet options for cheaper and more convenient alternatives, a wave of store closures in the coming months looks inevitable. 'Tariffs have added to the strain. Claire's is heavily reliant on low-cost Chinese imports and the [parent company's] prospect of repaying the $500 million loan in December next year will be looming heavily over management's minds. The message is clear: the structural changes impacting every retailer have only accelerated meaning other long-standing names will have to adapt quickly to avoid a similar fate.'
LeMonde
3 hours ago
- LeMonde
Trump says Putin-Witkoff talks 'highly productive' but sanctions still due
President Donald Trump on Wednesday, August 6 hailed talks between his envoy and Russian President Vladimir Putin on Ukraine as "highly productive," but US officials said sanctions would still be imposed on Moscow's trading partners. Trump, who had boasted he could end the conflict within 24 hours of taking office, has given Russia until Friday to make progress towards peace or face new penalties. US envoy Steve Witkoff met with Putin for what the Kremlin said were "constructive" talks two days ahead of the US deadline for Russia. Trump said on his Truth Social platform that "great progress was made" during the meeting – but minutes later a senior US official said that "secondary sanctions" were still expected to be implemented on Friday. Three rounds of Russia-Ukraine talks in Istanbul have failed to make headway on a ceasefire, with the two sides far apart in their demands. Russia has escalated drone and missile attacks against its pro-Western neighbor to a record high and accelerated its advance on the ground. "A quite useful and constructive conversation took place," Putin's aide Yuri Ushakov told journalists, including AFP, after the three-hour meeting. Putin and Witkoff exchanged "signals" on their positions, Ushakov said, without elaborating. The Kremlin released a video of Putin shaking hands with Witkoff at the start of the meeting. Ukrainian President Volodymyr Zelensky said later on Wednesday that he had spoken by phone with Trump after Witkoff visited Moscow. "European leaders were on the call, and I am grateful to each of them for their support," he added on social media, without saying which leaders took part in the call. Sanctions threat The White House has not officially outlined what action it would take against Russia, but Trump has previously threatened to impose "secondary tariffs" targeting Russia's key trade partners, such as China and India. On Wednesday, Trump ordered steeper tariffs on Indian goods over New Delhi's continued purchase of Russian oil. The move would aim to stifle Russian exports, but would risk significant international disruption. Trump said on Tuesday that he would await the outcome of the Moscow talks before ordering any economic sanctions. "We're going to see what happens," he told reporters. "We'll make that determination at that time." Without explicitly naming Trump, the Kremlin on Tuesday slammed "threats" to hike tariffs on Russia's trading partners as "illegitimate."
