Latest news with #ChrisPole
Fashion United
21 hours ago
- Business
- Fashion United
Claire's UK arm falls into administration: What's at stake?
On the heels of a bankruptcy in the US and a receivership in France, the UK arm of Claire's has now collapsed into administration. But as the rescue efforts mount up, what is at stake for the once prevalent teen retailer? On Wednesday, it was confirmed that advisers at Interpath had been appointed to oversee the administration process of Claire's Accessories UK Ltd, Claire's European Services Limited and Claire's European Distribution Limited. While all of the retailer's 306 stores in the UK and Ireland and its headquarters in Birmingham are expected to continue trading, fears have heightened over the 2,150 jobs at risk across the two regions. To mitigate this concern, Interpath said that, 'as a matter of priority', joint administrators, Will Wright and Chris Pole, will contact Claire's employees in the UK and Ireland to inform them of what the administration may mean. 2,150 jobs at risk as Claire's fails to find buyer Elsewhere, online orders for the company have now been put on hold, with those placed and dispatched prior to the administration expected to be delivered, while those not yet shipped will be withheld. Refunds will also not be issued. Interpath said it would now assess options for the business, 'including exploring the possibility of a sale as a going concern'. In a statement, Interpath's UK CEO, Will Wright, 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.' Its descent into administration comes as the retailer had failed to find a buyer for its UK business, with speculated bidders, including Hilco Capital, previously said to have pulled out of the process due to the scale of Claire's issues. Claire's, which operates its namesake brand as well as Icing, is facing a 496 million dollar long-term debt, due December 2026. As part of a bankruptcy process launched earlier this month, the company has been working with Interpath Advisory to explore both a sale or restructuring options for its North American business, for which stores are also expected to remain operational as the process moves forward. In the US filing, Chris Cramer, CEO of Claire's said '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' were primary drivers behind the bankruptcy. According to court documents, Claire's employs around 7,000 people across the US throughout 1,350 stores. In France, meanwhile, where the company is currently undergoing a similar procedure, Claire's had around 250 stores, with 800 staff, as of the beginning of 2024. Read more: From bounce-back to bankruptcy: Inside Claire's renewed financial struggles
Leader Live
a day ago
- Business
- Leader Live
Around 2,150 jobs at risk as Claire's Accessories appoints administrators
The US parent firm for the high street retailer said it has filed a formal notice to administrators from advisory firm Interpath. In a statement on Wednesday evening, Interpath confirmed Will Wright and Chris Pole have been appointed joint administrators. The move will raise fears over the future of its 306 stores, with 278 of these in the UK and 28 in Ireland. 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. Claire's UK stores will remain open as usual and store staff will stay in their positions once administrators are appointed, the company said. Interpath said the joint administrators will be contacting all of Claire's employees in the UK and Ireland to 'provide further information about what the administration means for them'. Will 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.' It 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. Chris Cramer, chief executive of Claire's, 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.' Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'Claire's attraction has waned, with its high street stores failing to pull in the business they used to. 'While they may still be a beacon for younger girls, families aren't heading out on so many shopping trips, with footfall in retail centres falling. 'The chain is now faced with stiff competition from TikTok and Insta shops, and by cheap accessories sold by fast fashion giants like Shein and Temu.'
South Wales Guardian
a day ago
- Business
- South Wales Guardian
Around 2,150 jobs at risk as Claire's Accessories appoints administrators
The US parent firm for the high street retailer said it has filed a formal notice to administrators from advisory firm Interpath. In a statement on Wednesday evening, Interpath confirmed Will Wright and Chris Pole have been appointed joint administrators. The move will raise fears over the future of its 306 stores, with 278 of these in the UK and 28 in Ireland. 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. Claire's UK stores will remain open as usual and store staff will stay in their positions once administrators are appointed, the company said. Interpath said the joint administrators will be contacting all of Claire's employees in the UK and Ireland to 'provide further information about what the administration means for them'. Will 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.' It 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. Chris Cramer, chief executive of Claire's, 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.' Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'Claire's attraction has waned, with its high street stores failing to pull in the business they used to. 'While they may still be a beacon for younger girls, families aren't heading out on so many shopping trips, with footfall in retail centres falling. 'The chain is now faced with stiff competition from TikTok and Insta shops, and by cheap accessories sold by fast fashion giants like Shein and Temu.'
Glasgow Times
a day ago
- Business
- Glasgow Times
Around 2,150 jobs at risk as Claire's Accessories appoints administrators
The US parent firm for the high street retailer said it has filed a formal notice to administrators from advisory firm Interpath. In a statement on Wednesday evening, Interpath confirmed Will Wright and Chris Pole have been appointed joint administrators. The move will raise fears over the future of its 306 stores, with 278 of these in the UK and 28 in Ireland. 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. Claire's UK stores will remain open as usual and store staff will stay in their positions once administrators are appointed, the company said. Interpath said the joint administrators will be contacting all of Claire's employees in the UK and Ireland to 'provide further information about what the administration means for them'. Will 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.' It 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. Chris Cramer, chief executive of Claire's, 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.' Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'Claire's attraction has waned, with its high street stores failing to pull in the business they used to. 'While they may still be a beacon for younger girls, families aren't heading out on so many shopping trips, with footfall in retail centres falling. 'The chain is now faced with stiff competition from TikTok and Insta shops, and by cheap accessories sold by fast fashion giants like Shein and Temu.'
The Irish Sun
a day ago
- Business
- The Irish Sun
High street fashion retailer collapses into administration as THOUSANDS of Irish jobs at risk amid online order freeze
SOME 2,150 Irish jobs could be at risk as a popular accessories shop has collapsed into administration. Popular fashion retailer Claire's has appointed joint administrators as bosses scramble to secure the future of the beloved brand. 3 Thousands of jobs in Ireland are feared to be at risk Credit: Alamy 3 The brand has appointed administrators to secure the future of Claire's Credit: Getty And its US parent company confirmed that online orders have been stopped for the time being. It was also confirmed that orders made on the website which have not yet been shipped will not be sent. The administrators have been appointed to the brand's UK and Ireland stores, of which there are 306. Over 270 of these are based across England, Scotland, and Wales, while the remaining 28 are in Ireland. Interpath confirmed that Will Wright and Chris Pole have been appointed as administrators in a statement this evening. CEO Wright 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." The role of the new appointees will be to try and rescue the chain. It has faced trouble in recent times as sales fell due to less demand from customers. Nostalgic 90's retailer files for bankruptcy after chain misses rent payments for June and July But it's been confirmed that the shops in the UK and Ireland will remain open for now. And the company said that all current staff will remain in their positions for the time being. Chief executive officer for 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." Customers who will not receive packages that won't be shipped will be refunded. And orders that have already been dispatched will still arrive as usual. Customers who were hoping to return an item for a refund will not be able to do so at this time. The move comes just weeks after Claire's parent company filed for bankruptcy in the US. They filed for Chapter 11 bankruptcy in a court in Delaware last week. It became the second time that the company had done so, after filing for the same process in 2018. How will the affect shoppers? Here's all you need to know: Will Claire's be leaving the high street? Claire's bosses have said that administrators have been appointed with the aim of keeping its stores open. At the moment, there are no plans to close any stores. Will I still be able to shop in-store? Yes, Claire's has confirmed for customers that stores will remain open for now. Can I still shop on the website? Orders can not be placed through the Claire's website at this time. Any orders placed that have yet to be delivered will be cancelled and customers will not receive them. Customers will not be charged for these unshipped orders. And any orders that have already shipped will arrive as normal. Can I get a refund? Customers who bought an item in-store won't be able to get a refund from Claire's at this time. But shoppers have been advised to keep evidence of the purchase as they might be able to get a refund instead from a credit or debit card provider. Proof of purchase and details should be sent to clairescustomers@
