Claire's enters judicial recovery in France
In recent months, several closures have taken place in the French market, as reported by various local press outlets, including in Saint-Etienne, Angers, and Roubaix. According to Delta FM, the French management has already carried out two PSEs in 2024 and 2025. A search for buyers will be launched as part of these receivership proceedings.
Claire's overall business is said to be affected by the impact of customs duties imposed by the US (the company has its products manufactured in China), but the brand has been hit above all by a growing lack of consumer interest since its golden era in the 2000s. Its range includes costume jewellery, hair accessories, clutches and bags, beauty products, and small gadgets in pop colours.
According to the accounts filed, Claire's France generated sales of 132 million euros in its financial year ending January 2024, compared with 142 million euros a year earlier (-7%).
Worldwide, the accessories chain is in a delicate situation. Held by its creditors since bankruptcy in 2018 (including the funds Elliott Management Corp and Monarch Alternative Capital LP), the company with over 2,000 points of sale worldwide is reportedly looking for buyers, according to Bloomberg.
Faced with a wall of debt, Claire's is close to filing for bankruptcy in the US: the press agency mentions a possible imminent filing for bankruptcy (under the local Chapter 11 regime). A similar scenario also appears imminent in the UK.
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