Latest news with #CLAIRE'S
Scottish Sun
6 days ago
- Business
- Scottish Sun
Claire's on edge of collapse with 281 stores at risk as fashion retailer to file for administration
GOING BUST Claire's on edge of collapse with 281 stores at risk as fashion retailer to file for administration Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) CLAIRE'S has confirmed it will file for administration putting 281 stores at risk. The jewellery and accessories chain has said it wants to appoint administrators to secure the future of the brand. Sign up for Scottish Sun newsletter Sign up 1 Claire's UK has confirmed it has appointed administrators Credit: EPA The retailer said that stores will continue to stay open and trade as normal and no jobs will be lost. The firm plans to use the administration process as a way to continue trading in the UK. Its website is also currently operational. Consultancy firm Interpath are expected to be drafted in in the coming days to oversee the administration. Chris Cramer, chief executive officer, 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." It comes after the US parent business of Claire's filed for bankruptcy in the US for a second time, earlier this month. The ear-piercing favourite also declared itself bust in 2018 due to unpaid loans. Claire's operates 2,750 stores across 17 countries, but reports suggested the UK arm was unlikely to find a buyer. Potential buyers, like Hilco Capital, have pulled out of making offers recently after realising how serious the chain's problems are, a senior insolvency expert said. Earlier this week, it was reported Claire's staff had been told to not let bailiffs enter stores to take anything, following the collapse of the US parent business. Claire's UK arm has struggled financially, racking up £25million in losses over the past three years. In the year to March 2024, it reported a £4.7million loss, slightly better than the £5million loss the previous year, with turnover slipping to £137million. The company blames inflation, rising costs, and supply chain issues for its struggles. It has also been hit hard by US tariffs on Chinese imports, as much of its low-cost merchandise comes from China. Retail experts have said Claire's is struggling to stay relevant in a competitive market. Budget-conscious shoppers are now turning to online platforms for affordable jewellery and accessories, and increasingly away from physical high street branches. Julie Palmer, partner at 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. "So, with fewer reasons for its customers to visit their stores, the retailer has struggled to stay relevant." RETAIL SECTOR STRUGGLES The retail sector has struggled since the onset of online shopping and the coronavirus pandemic. Higher inflation since 2022 has also hit shoppers' budgets while businesses have struggled with higher wage, tax and energy costs.
Scottish Sun
12-08-2025
- Business
- Scottish Sun
Iconic high street chain ‘warns UK stores to turn away BAILIFFS' after US parent firm files for bankruptcy
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) CLAIRE'S staff have reportedly been told not to let bailiffs entering stores to take anything, following the collapse of its US business. Last week, the accessories and jewellery chain, filed for bankruptcy in the US for the second time, sparking fears about closures worldwide. Sign up for Scottish Sun newsletter Sign up 1 Claire's has 281 stores in the UK Credit: AFP And now, the retailer, which has 281 stores in the UK, has reportedly warned store managers that bailiffs may turn up to its British stores, to try and recover debts. Employees have been warned not to let the bailiffs leave with cash from tills, or any stock, and to report any visits to senior managers, reports Retail Week. A source close to the business has also claimed that staff have been told they are no longer able to accept gift cards as payment, and must have their working hours pre-approved by managers. "Morale among the staff was already very low", the source told Retail Week. "So talk of bailffs potentially showing up to stores didn't improve matters much". The Sun has reached out to Claire's for comment. Uncertain future Claire's has so far failed to attract a buyer, with Hilco Capital, pulling out after realising the severity of the chain's problems, a senior insolvency expert has said. However, even if the accessories retailer does find a buyer, the deal could lead to store closures across the UK. This is the second time that Claire's has filed for bankruptcy, after first declaring in 2018 due to unpaid loans. Despite improving its finances by cutting $1.9billion (£1.4billion) in debt, Claire's has struggled with weak consumer demand and supply chain issues. High street chain with 185 stores launches 70% off closing down sales ahead of 25 shops shutting The new bankruptcy filings showed that the business reported liabilities and assets of between $1billion and $10billion. It also showed that the company owed more than 25,000 creditors. The group is owned by a group of firms, including investment giant Elliott Management, who were creditors when the retail firm first faced insolvency seven years ago. Boss Chris Cramer said: "This decision is difficult, but a necessary one. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." "Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire's and its stakeholders. "We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives." Claire's has suffered £25milion in losses over the last three years, with reports from Sky News suggesting that the UK arm of the business could go in to administration this month. Retail experts say Claire's is struggling to stay relevant in a competitive market. Budget-conscious shoppers now turn to online platforms like for affordable jewellery and accessories. Julie Palmer, partner at 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. "So, with fewer reasons for its customers to visit their stores, the retailer has struggled to stay relevant.
The Journal
06-08-2025
- Business
- The Journal
Claire's, the teen jewellery retail chain, files for bankruptcy again
CLAIRE'S, THE ACCESSORY chain known to generations of Irish children, has filed for bankruptcy protection for the second time in seven years. The US-based retailer, best known for ear piercings and fashion jewellery, is struggling with falling sales, mounting debt, and the continued shift towards online shopping. Claire's filed for Chapter 11 bankruptcy in Delaware this week, listing its estimated assets and liabilities each between $1 billion and $10 billion (€920 million to €9.2 billion). In Ireland, the chain operates 15 stores across the country, though no immediate closures have been announced. Globally, Claire's runs over 2,750 locations across 17 countries, including outlets under its 'Icing' brand. Chief executive Chris Cramer said the decision to file was 'difficult but necessary', citing pressures from changing consumer habits, increased competition, and tariffs on goods imported from Asia, where most of Claire's products are manufactured. Advertisement Founded in Chicago in 1961, Claire's has long been a staple of teenage shopping trips, remembered by many for first ear piercings, novelty accessories, and tie-ins with brands like Disney. The chain previously filed for bankruptcy in 2018, emerging months later under new ownership, but efforts to relaunch on the stock market failed in both 2013 and 2021. Last year, Claire's formally withdrew its IPO plans for the second time, signalling deeper financial troubles. The company now has more than 25,000 creditors and is carrying significant loan obligations, including a $496 million payment due in 2026. In the past year, it has reportedly deferred interest payments and stopped paying rent on underperforming stores. Claire's insists that its shops will remain open during the restructuring process as it explores all strategic alternatives, including a possible sale of the business. It's the latest blow for physical retail shops, following recent bankruptcies at other high street names such as Foot Locker and Forever 21. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Yahoo
16-02-2025
- Entertainment
- Yahoo
Love Is Blind Season 8: Which Couples Are You Rooting For? And Who Do You Hope Breaks It Off?
Love Is Blind Love Is Blind Season 8 is bringing the romantic heat during a cold Midwestern winter. But which couples have your vote of confidence? And which do you hope to strike from the reality TV record? More from TVLine SNL50: The Homecoming Concert: Every Revived Character, Every Musical Guest and Every Song Performed - Grade It! XO, Kitty Renewed for Season 3 A Prayer to Yellowjackets' Forest Spirit: Please Let This Be the Girls' Last Season in the Woods Season 8 of Netflix's dating series, which dropped its first six episodes on Friday, looks much like seasons past: A group of singles meet potential partners in adjoined rooms — called pods — in hopes that they might fall in love without the distraction of physical appearance. But there are a couple of notable differences in the Minneapolis-set season: Every man looks exactly the same and nearly every contestant struggles to move past the 'Midwest Nice' facade. From Tom's outspoken love for the beautiful Costco in Woodbury, to Lauren's willingness to endure questionable behavior, these contestants are demonstrating the downfalls of the region's polite sensibility. There are fewer emotional outbursts as conversations take on a kind of innocence we've seldom seen from the show. But those conversations are still perfect for me to cast judgement on our contestants — and judge, I will! Below, I'm breaking down every Season 8 couple and offering my own predictions for how they might end up. What are your Season 8 predictions? Sound off in the comments! These two are kindred spirits, both golden retriever humans. I've honestly never seen such genuine excitement from a Love Is Blind couple during their first meeting. They look like they stand a chance because their connection is based on what looks like an actual friendship, not purely on romance or flirtation — a promising start to their Love Is Blind journey. CLAIRE'S FINAL VERDICT: I sincerely — really, I'm being sincere for once! — hope these two make it. If things don't work out, however, I think they can at least leave this experiment as a pair of kooky friends. Ben and Sara's first meeting was a standard Love Is Blind meet-awkward. It didn't leave me begging for a break-up, but I wasn't swooning either. I am, however, waiting with bated breath to see whether their differing political views will create a problem — and I do think they will! When Sara spoke about her desire to become more politically and socially involved after the murder of George Floyd and the election of Donald Trump, Ben said he's ignorant about 'that stuff.' He added he's 'not one way or the other' when it comes to the Black Lives Matter movement. And I couldn't help but feel an age-old dynamic at play: A disinterested white man claiming he's more liberal than he really is simply to win the heart of a woman with a brain. A tale as old as time! CLAIRE'S FINAL VERDICT: Sara needs to stick to her standards and run, girl, run! Dave gave a horrible first impression when he began every conversation with, 'So, what's wrong with you?' and said his job was in 'medical aesthetics.' (Just say you're a Botox salesman!) But then he sort of mellowed out and I stopped paying attention to him. Love Is Blind likes to do that — introduce a villain and then soften him up. So, I'm not sure where I stand on Dave, but I can't shake the feeling that he's just a superficial bro. And since Lauren is the nicest woman I've ever seen on TV, I do wonder if she can do better. Not to mention, Dave did imply educators are ugly when he said he's only dated hot people and never considered dating a teacher. Plus, he 'joked' that Lauren is no longer attractive when she shared she's 30. (Dave, by the way, is 32.) CLAIRE'S FINAL VERDICT: I hope Lauren finds her happy ending, but I can't say I'm fully rooting for this couple to work out. Devin and Virginia are kind of a snooze fest. I don't love or hate them — meaning they could potentially make a splash in the next batch of episodes! Virginia so far is a woman of few words, and Devin seems to be a gentle soul. CLAIRE'S FINAL VERDICT: They could be a match made in heaven, but it's too soon to say! Daniel and Taylor are both kind of corny for falling in love over their mutual love of Christmas. (Couldn't they have bonded over a less obvious holiday? Shake things up with an affection for Flag Day? Arbor Day?) But Episode 6 ended on quite the awkward note when Taylor accused Daniel of knowing who she was the whole time they were in the pods. (He apparently followed her on Instagram shortly before filming began.) Daniel denied the claims during the decidedly nondramatic exchange — the Midwest Nice was out to play! — but it wasn't clear whether Taylor will be able to move past her suspicions. CLAIRE'S FINAL VERDICT: I hope to learn more details about Instagram-gate, but I ultimately don't really care about the outcome of this one. Meg really let her fellow contestant Madison come in here and cause all kinds of problems. Despite professing her love for Mason, Meg allowed Madison's personal vendetta against the man to impact her own final decision. She ultimately broke things off with Mason before he had the chance to propose, after becoming convinced (by Madison!) that she was his second choice. CLAIRE'S FINAL VERDICT: Though they didn't leave the pods engaged, I don't think this couple is done forever. I'm hoping to see more conversations between these two at the midseason cast party. After sabotaging her pal Meg, Madison went on to light fire to her own relationship with Alex, the human version of those inflatable tube men flapping in the wind outside of a car dealership. (Honestly, I'm not even sure what I mean by that, but it just feels right.) The beginning of the end came when Madison told Alex about her break-up with Mason, sharing that she felt played by him. After listening to her side, Alex said he understood her point of view but also empathized with his friend Mason — these are unorthodox dating conditions, after all! But that was not the reaction Madison hoped for from her prospective fiancé. The relationship abruptly ended, becoming the most random Love Is Blind break-up I've ever seen. OUR FINAL VERDICT: The whirling chaos that is Madison just doesn't seem to match up with the vanilla ice cream cone that is Alex. I hope they never speak again — and I hope Madison stays away from my Mason and Meg! Best of TVLine Mrs. Maisel Flash-Forward List: All of Season 5's Futuristic Easter Eggs Yellowjackets Recap: The Morning After Yellowjackets Recap: The First Supper
