Future of chain Claire's on UK high streets uncertain after US parent firm files for bankruptcy
It is the second time the ear-piercing favourite has declared itself bust, after previously filing for bankruptcy in 2018.
1
Its finances are now under pressure from weak consumer demand and supply chain uncertainty.
The filings showed that the parent business reported liabilities of up to $10billion (£7billion) and owed between 25,000 and 50,000 creditors.
Claire's operates 2,750 stores worldwide, including 280 in the UK.
While British stores remain unaffected for now, the UK arm has lost £25million over the past three years and is at risk of collapsing into administration later this month.
It has been working with advisers to explore a sale or restructuring.
However, potential buyers, such as Hilco Capital, are understood to have walked away.
Retail experts say Claire's is struggling to stay relevant.
Julie Palmer, from Begbies Traynor, said: 'Claire's low-price offering is clearly not strong enough to win over its core customers — teens and young adults — as they now have access to a vast array of affordable and convenient products online through platforms like Amazon and Temu.'
Claire's boss Chris Cramer said: 'We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.'
Nostalgic 90's retailer files for bankruptcy after chain misses rent payments for June and July
'CORE BLIMEY!
MINING giant Glenciore has decided to stick with its London stock listing, scrapping plans to shift to New York, in a win for the City.
It has been listed on the FTSE since 2011, when it was valued at £37billion — at the time the exchange's largest float.
However, the Swiss-based firm has announced plans to slash £753million in costs by 2026, including job cuts across its 150,000-strong workforce.
METRO BANK ON THE UP
METRO BANK has bounced back, posting a £43.1million pre-tax profit for the first half of 2025 — up from a £33.5million loss reported in the same period last year.
The lender doubled new corporate and small business loans to £1billion, and cut 8 per cent from its costs by axing a third of its workforce and reducing branch hours.
Boss Daniel Frumkin said: 'Our strong performance reflects the decisive actions we have taken.'
Elsewhere, Sabadell shareholders have approved the £2.65billion sale of TSB to Santander.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
13 minutes ago
- The Independent
The row between Barcelona and Marc-Andre ter Stegen explained
Barcelona has stripped goalkeeper Marc-Andre ter Stegen of the club captaincy due to a deepening rift. The club sought to classify Ter Stegen as a long-term injury to comply with La Liga 's Financial Fair Play rules and free up salary space. This classification would have allowed Barcelona to clear 80 per cent of his wages from their registration to make space in their wage bill for Garcia and Manchester United loanee Marcus Rashford. Ter Stegen's public announcement of a three-month recovery period contradicted La Liga rules, which require a minimum of four months for long-term injury status. Ronald Araujo, the current vice-captain, will temporarily assume the duties of first-team captain.
The Independent
13 minutes ago
- The Independent
Belfast leisure centre workers to take 24-hour strike action
Belfast leisure workers are set to stage a 24-hour strike over pay. In a joint statement, the trade unions Unite and Nipsa said Belfast leisure workers are the lowest paid in Northern Ireland. They said they are seeking a £1 an hour increase to the current pay offer, but they said talks ended with management company Greenwich Leisure Limited (GLL) without an improved pay offer. Unite and Nipsa said a 24-hour strike will be carried out by leisure staff at the 14 leisure centres and two gyms operated by GLL in Belfast. The strike is to commence at 00.01 on August 12 and continue until midnight. It is expected to 'shut down entirely' the operation of several leisure centres, with more than 200 leisure workers currently members of two trade unions. Unite general secretary Sharon Graham said it is 'deeply unfair that Belfast leisure workers are the lowest paid leisure workers in Northern Ireland'. 'Workers who perform the same tasks and have the same responsibilities are paid significantly less than they would be in neighbouring councils,' she said. 'Belfast City Council's decision to outsource services to GLL has proven disastrous not just for workers who are underpaid and overstretched but for the public who have endured hikes on charges.' Nipsa spokesperson Janette Murdock added: 'Leisure workers in the biggest council in Northern Ireland are the lowest paid in Northern Ireland. 'That has to end. Our members are seeking a one pound an hour increase to the current pay offer as a start on closing the gap. 'Our members will carry out a militant campaign of industrial action, until we get justice. 'Belfast City councillors cannot wash their hands of responsibility for the pay gap facing leisure workers at council-owned leisure centres.' A Belfast City Council spokesperson said: 'GLL manage and run leisure centres across the city on behalf of Council. GLL is a social enterprise that reinvests all profits back into the centres and all operational matters, including those relating to pay, are under its remit. 'Council is committed to working with GLL and its employees on the continued provision of leisure services in the city.'
The Independent
13 minutes ago
- The Independent
Fact check: Bank has held rates four out of nine times since Labour took power
The Labour Party has claimed that since it was elected to Government, the Bank of England has cut interest rates 'five times in a row'. The party said: 'Interest rates have now been cut five times in a row since Labour came into power.' The message was also shared in a social media graphic which read: 'Interest rates have been cut five times in a row with Labour.' Evaluation The Bank of England has cut rates five times since Labour got into power. But these cuts were not at consecutive meetings of the Bank's rate setters. At four meetings – every other meeting since July 2024 – the Bank has actually decided to hold rates unchanged. The facts Interest rates in the UK are not set by the Government, but by an independent nine-person committee run by the Bank of England. This group is called the Monetary Policy Committee (MPC) and it meets eight times a year. Since Labour got into power in early July 2024, the MPC has made nine separate decisions on rates. The committee has cut rates on every other occasion it has met since the election – starting on August 1 2024 – with the most recent cut being confirmed on August 7 2025. That has produced five cuts in total. But at the other four meetings the MPC decided to hold rates unchanged. By saying 'in a row' it is possible that Labour means that there have not been any interest rate hikes in between the cuts. However, this ignores all the times that the MPC has actively voted to leave rates unchanged. At the time of publication Labour had not responded to an email asking it to clarify how the five cuts are considered to be 'in a row'. Links
