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RTÉ News
3 hours ago
- RTÉ News
Claire's stores to stay open after appointment of administrators
Administrators have been appointed to Claire's, putting around 2,150 jobs in Ireland and the UK at risk. The move was confirmed by the US owners of the fashion accessories retailer. Claire's has 306 stores in Ireland and the UK, 28 of them in Ireland. The owners said they had filed a formal notice to administrators from advisory firm Interpath. Interpath confirmed the appointment of Will Wright and Chris Pole as joint administrators. They are to seek a potential rescue deal for the chain, which has seen sales tumble in the face of weak consumer demand. Claire's stores in Ireland and the UK will remain open, according to the US-based Claire's group and the administrators. However, the adminstrators said that customers will no longer be able to make orders online. Online orders placed and dispatched prior to the administrators' appointment will be delivered as usual, Orders that have not yet been shipped will not be delivered and customers should not be charged for these, as payment is processed on dispatch. All staff will remain in their positions, the company said. Interpath said the administrators will be contacting all employees to "provide further information about what the administration means for them". Interpath Chief Cxecutive Will Wright said: "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." It comes after the Claire's group filed for bankruptcy in a US court last week. It is the second time the company has done so, after first filing for the process in 2018. Claire's Chief Executive 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. "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." Information for customers All Claire's stores across Ireland and the UK will remain operational. Customers can continue to shop in-store as usual. However, customers will no longer be able to place orders online via Claire's Ireland and UK website. Online orders placed and dispatched prior to the joint administrators' appointment will be delivered as usual. The joint administrators will be unable to deliver orders placed online which have not yet shipped. Customers should not be charged for these orders, as payment is processed on dispatch. The joint administrators are unable to offer refunds for any items bought prior to appointment. It is recommended that all customers check the purchase protection arrangements with their debit or credit card provider (or similar payment provider) to ascertain whether a refund is available via another source. If no refund is available, customers should contact clairescustomers@ to lodge an unsecured claim in the administration. Customers with goods purchased after 13 August 2025 which are of unsatisfactory quality or which are not fit for purpose in accordance with consumer rights legislation should send proof of purchase and specific details relevant to the issue to clairescustomers@
The Journal
4 hours ago
- The Journal
Around 2,150 jobs at risk as Claire's Accessories appoints administrators
FASHION ACCESSORIES CHAIN Claire's has said it will appoint administrators for its UK and Ireland business, putting around 2,150 jobs at risk. Claire's UK stores will remain open as usual once administrators are brought in, and store staff will stay in their positions while the options for the retailer are assessed, the company announced. Claire's runs 2,750 stores across the world, including 15 stores in Ireland. Chris Cramer, chief executive of the fashion and accessories chain, 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. Advertisement 'We are deeply grateful to our employees, partners and our customers during this challenging period.' The US-based business filed for 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 after it was unable to repay a loan. The group saw its finances improve after wiping around $1.9 billion (€1.6 billion) off its balance sheet in a refinancing but has come under pressure from recent weak consumer demand and supply chain uncertainty. Initially its UK stores were to be unaffected by the bankruptcy process, but the latest news indicates the opposite. Last month, Sky News reported that Claire's is working with advisers from Interpath to seek a potential sale or restructuring of its UK business. The US group said it is continuing in strategic review for the business, including discussions with 'potential strategic partners'.
Irish Times
4 hours ago
- Irish Times
Global markets hover close to record highs as bullish sentiment hits Wall Street
An index of global equity markets reached a new record for the second straight day on Wednesday, propelled partly by bullish sentiment on Wall Street as investors positioned for a likely interest rate cut from the US Federal Reserve. Dublin Euronext Dublin was largely in line with international peers as it finished the day up 0.9 per cent. Nutritionals group Glanbia was the big story of the day on the Irish market as it climbed almost 16 per cent after raising its earnings forecast for the year while appointing a new chairman and announcing the sale of an underperforming unit. Its share price move was described as 'whopping' by one trader. 'It had a pretty rough run into those numbers, which were then better than expected,' he added. READ MORE Meanwhile, Cavan-based insulation specialist Kingspan climbed 1.6 per cent. The group last week reported record revenues of €4.5 billion in the first half of the year as sales rose by 8 per cent. Elsewhere, most movers were largely in line with the broader index. London Britain's FTSE 100 closed 0.2 per cent higher, reaching a one-week peak, marking its third consecutive day of gains. The domestically focused midcap FTSE 250 index ended little changed. A gauge of Britain's energy companies declined 0.6 per cent as oil prices fell more than 1 per cent in the day, though losses were limited after US treasury secretary Scott Bessent indicated sanctions against Russia, or secondary tariffs, could increase if talks on Ukraine disappoint. Meanwhile, financials weakened with the non-life insurers' index falling 3.5 per cent. Beazley tumbled 12.3 per cent in its worst one-day slide in nearly five years after it lowered its annual premium growth forecast, hurt partly by subdued demand for its cyber and property risk insurance. Among other movers, infrastructure products maker Hill and Smith topped the gains on the midcap index, rising 10.2 per cent, after its half-yearly results and announcement of a share buyback programme. Housebuilder Persimmon fell 0.4 per cent despite solid first-half results, which saw pretax profit edge up and revenue improve. Europe European shares hit a near two-week high, underpinned by gains in heavyweight healthcare and technology stocks. European healthcare stocks were the strongest performing sector, with a 1.6 per cent rise. The subindex logged its fifth session of gains, the longest streak since late May. Genmab was up 3.8 per cent while Bayer rose 3.2 per cent. The pan-European Stoxx 600 index closed 0.5 per cent higher, while Cac 40 in Paris rose 0.8 per cent, and the Dax 40 in Frankfurt advanced 0.7 per cent. Shares of German tank gearbox maker Renk rose 2 per cent after it reported better-than-expected second-quarter revenue, benefiting from increased European defence spending. Sweden's Evolution fell 8.5 per cent after a Bloomberg report said its casino games had been distributed in banned markets. New York The benchmark S&P 500 and the Nasdaq hovered near record highs as investors were increasingly confident that the Federal Reserve will restart its monetary policy easing cycle next month. At 12.18pm eastern time, the Dow Jones Industrial Average rose 0.82 per cent; the S&P 500 gained 0.15 per cent; and the Nasdaq Composite advanced 0.07 per cent. The blue-chip Dow was within 1 per cent of its all-time high and the Russell 2000 index, which tracks rate-sensitive small-cap companies, added 0.1.3 per cent to hit a six-month high. Investors were also taking notice of other sectors following the recent tech-led rally in US stocks that have pushed valuations of the S&P 500 above long-term averages. Healthcare stocks, which have been beaten down for much of the year, led gains among the 11 S&P 500 sectors with a 1.4 per cent rise, while the tech-heavy Nasdaq 100 index was marginally lower. CoreWeave, which is backed by Nvidia, slumped 17.6 per cent after the AI data centre operator reported a bigger-than-expected quarterly net loss. Paramount Skydance jumped 30 per cent. The company won exclusive broadcasting rights to the Ultimate Fighting Championship for seven years earlier this week. – Additional reporting: Agencies
