
Three Claire's stores in North Wales at risk of closing
Interpath later confirmed Will Wright and Chris Pole had been appointed joint administrators.
The administrators are set to seek a potential rescue deal for the chain, which has seen sales tumble in the face of recent weak consumer demand.
This all comes after the US-based Claire's group filed for Chapter 11 bankruptcy in a court in Delaware last week.
It is the second time the group has declared bankruptcy, after first filing for the process in 2018.
Chief executive of Claire's, Chris Cramer, said: '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.
"We are deeply grateful to our employees, partners and our customers during this challenging period.'
Claire's currently has 306 stores across the UK and Ireland - 278 in the UK and 28 in Ireland, while it has more than 2,150 employees.
All these stores and jobs are now at risk, following Wednesday's administration update.
There are three Claire's stores in South Wales that are at risk of closing:
Claire's has revealed that for now, all its UK and Ireland stores will remain open and staff will stay in their current positions.
Interpath said Mr Wright and Mr Pole will be contacting all of Claire's employees in the UK and Ireland to 'provide further information about what the administration means for them'.
RECOMMENDED READING:
The major high street brand stores closing in September from Poundland to M&S
Full list of every Hobbycraft store closing down - See if your local is shutting
Santander closing Flintshire branch within hours - how you'll be affected
Mr 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.'

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Independent
39 minutes ago
- The Independent
Trump's ‘visa integrity fee' could cause a decline in tourism
Donald Trump signed a new $250 ' visa integrity fee' into law, which will take effect in October and applies to non-immigrant visa holders from certain countries. The Congressional Budget Office (CBO) initially estimated the fee would generate over $27 billion for the US economy over a decade. However, a Tourism Economics analysis suggests the fee could cost the United States $11 billion over three years by deterring international visitors. This potential decline in tourism could lead to reduced visitor spending and job losses, particularly impacting visitors from significant markets like India and Brazil. The fee is being introduced despite the US already facing a decline in international tourism and ahead of major events such as the 2026 FIFA World Cup and 2028 Summer Olympics.


The Independent
an hour ago
- The Independent
Trump's controversial $250 visa fee could cost the US economy $11 billion as tourists stay away, research finds
Research suggests President Donald Trump 's new $250 'visa integrity fee' could cost the United States $11 billion — a much larger figure than the Congressional Budget Office previously estimated, according to a report. The fee, packed in Trump's so-called 'Big, Beautiful Bill' that he signed into law last month, applies to all visitors traveling to the U.S. on a non-immigrant visa. The fee doesn't apply to countries on the Visa Waiver Program, which includes most Western European nations and some Asian countries. By 2034, the 'visa integrity fee' would bring in more than $27 billion, the Congressional Budget Office estimated. Said differently, the office is predicting the U.S. will rake in $2.7 billion from 11 million foreign travelers paying the fee each year. While the language of the law makes the fee sound like a win for the U.S. economy, it may actually become a major loss, as the cost could deter visitors. That loss could be as high as roughly $3.6 billion per year, or $11 billion in three years, according to a Tourism Economics analysis seen by Forbes. A decline in travelers could lead to a dip in visitor spending and job losses in the tourism industry. In 2022, the travel and tourism industry contributed $2.3 trillion to the U.S. economy, according to the International Trade Administration. The CBO appeared not to have taken these potential drops into account. 'By longstanding tradition, the Congressional Budget Office does not incorporate macroeconomic feedback effects into its traditional cost estimates,' a CBO spokesperson told Forbes. 'We didn't specifically do a dynamic analysis of this provision.' The Independent has reached out to the CBO for more information. The fee, which will take effect in October, was introduced before the U.S. is set to host events which tend to draw large crowds from around the world, including the 2026 FIFA World Cup and the 2028 Summer Olympics. Even before Trump's mega-bill was passed international tourism was down. The U.S. was the only country of the 184 economies analyzed by the World Travel & Tourism Council forecast to see international visitor spending decline in 2025, a May report found. At this rate, the U.S. is on track to lose $12.5 billion in international visitor spending this year, according to the report. 'This is a wake-up call for the U.S. government,' the organization's CEO Julia Simpson warned in a statement. 'The world's biggest Travel & Tourism economy is heading in the wrong direction, not because of a lack of demand, but because of a failure to act. While other nations are rolling out the welcome mat, the U.S. government is putting up the 'closed' sign.' Outside of Canada and Mexico, the United Kingdom, India, Brazil, Japan, and Germany comprised the top five countries with citizens that visited the U.S. this year as of May 2025, according to the International Trade Administration. Of these nations, the fee would only apply to citizens of Brazil and India, which could pack a punch to the U.S. economy. In 2022, for example, Indian tourists visiting the U.S. generated around $13 billion, according to the International Trade Administration. 'Congress made the mistake of assuming that this worldwide visa integrity fee would not have a big impact on visitors from countries like India or Brazil,' Erik Hansen, senior vice president of government relations at the U.S. Travel Association, told Forbes. 'This is the exact type of armchair public policymaking that is going to get us into a big mess.'


Reuters
2 hours ago
- Reuters
Winklevoss twins' Gemini reveals lower revenue and wider loss in US IPO filing
Aug 15 (Reuters) - Gemini's revenue fell and losses widened in the first half of 2025, the cryptocurrency exchange said in a U.S. IPO filing, joining a wave of digital-asset firms seeking to tap public markets. Terms of the offering were not disclosed in the filing, made public on Friday. The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier. U.S. IPO activity has rebounded in recent months following a slowdown earlier this year caused by uncertainty over trade policy changes, with several new listings drawing strong investor demand. Digital asset companies have also featured prominently in the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle (CRCL.N), opens new tab and cryptocurrency exchange Bullish (BLSH.N), opens new tab. Bullish's debut on Wednesday made it the second listed cryptocurrency exchange in the country after Coinbase Global (COIN.O), opens new tab. Gemini will become the third public crypto exchange once it goes public. "The question for investors regarding Gemini revolves around the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they do that Coinbase can't copy by Tuesday," said Michael Ashley Schulman, partner and CIO at Running Point Capital. Gemini said it will use IPO proceeds for general corporate purposes and to repay all or part of its third-party debt. The exchange also supports stablecoins on its platform, a segment that has drawn attention following last month's signing of the GENIUS Act, a new U.S. law establishing a regulatory framework for stablecoins. Gemini issues the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the U.S. dollar. The company, which also supports more than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June. Gemini, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol "GEMI." Goldman Sachs and Citigroup are acting as lead bookrunners. The Winklevoss twins rose to prominence after suing Facebook (META.O), opens new tab, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock. Regulatory clarity under the Trump administration, rising institutional adoption, and increasing ETF inflows have bolstered investor confidence and helped integrate crypto into mainstream finance. In a watershed moment for the industry, Coinbase became the first blockchain-focused company to join the S&P 500 earlier this year. Block (XYZ.N), opens new tab, which facilitates bitcoin purchases, joined the index in July. The shift marks a turnaround for an industry that spent more than a decade under heavy regulatory scrutiny worldwide. "We've seen a shift from speculation to sustainability. Institutional investors are looking for proof points - real clients, regulated products, and long-term market alignment. This is how the sector matures, and it will likely set the stage for other crypto firms keen to list their shares," said Nick Jones, founder of crypto firm Zumo.