Latest news with #Hilco
Daily Mail
06-08-2025
- Business
- Daily Mail
Claire's faces uncertain future with 280 UK stores at risk
Advertisement Major high street brand Claire's is facing an uncertain future after its US parent business filed for bankruptcy. The fashion accessory and jewellery chain has filed for Chapter 11 bankruptcy protection with a court in the state of Delaware - its second such filing since 2018. A fixture of high streets and shopping centres, it operates more than 2,750 stores in 17 countries including the UK - casting the future of its 280 British outlets into doubt. Alarm bells have been ringing over the future of the firm, which is hugely popular with young teenagers, for some time as it sought to clean up its finances. A month ago, reports suggested the firm was struggling with higher import costs tied to US President Donald Trump 's tariffs , alongside a drop in consumer spending. And last week, the chain was reported to have missed rental payments for some of its outlets in June and July. Sky News reported today that advisers to US parent firm Claire's Inc has been exploring the possibility of offloading its UK stores, but that it was yet to find a buyer. It also reported that Lakeland owner Hilco was among the suitors considering a takeover deal for Claire's' UK operations. Up to a third of the chain's stores in Britain could be lost in the efforts to salvage part of the chain. The US group said it is continuing in strategic review for the business, including discussions with 'potential strategic partners'. Chris Cramer, chief executive of Claire's, said: 'This decision is difficult, but a necessary one. '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. 'I'd like to express my gratitude for our employees, who have continued to work diligently in a constantly evolving consumer landscape to deliver amazing products and experiences for our customers. 'We remain committed to serving our customers and partnering with our vendors and landlords in other regions during this time.' Last month, restructuring firm Interpath Advisory was appointed to help find one for Claire's' UK and European business. The firm declined to comment on the Claire's news when approached by the Daily Mail today. As of today, the UK arm of the firm - headquartered in Birmingham - has not filed for administration, but insiders told Sky this could change before the month is out. Delaware bankruptcy filings seen by the Daily Mail suggest the firm reported estimated assets and liabilities of between $1bn and $10bn (£750million to £7.5billion). It owes money to between 25,001 and 50,000 creditors. Some of the creditors are owed upwards of $10million, according to the documents. Also listed on the filings, seeking joint administration, are the firm's Canada and Puerto Rico corporations, distribution firms and a number of holding companies, including one in Gibraltar. Claire's first filed for Chapter 11 bankruptcy in March 2018, and filed for an initial public offering on the stock market in 2021 - withdrawing those plans two years later.
The Independent
06-08-2025
- Business
- The Independent
Fears for Claire's stores after US owner files for bankruptcy
Claire's Accessories faces an uncertain future on UK high streets after its US parent business filed for bankruptcy. US-based fashion accessories and jewellery business Claire's has filed for Chapter 11 bankruptcy in a court in Delaware, according to new filings. 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 dollars (£1.4 billion) off its balance sheet in a refinancing but has come under pressure from recent weak consumer demand and supply chain uncertainty. Claire's runs 2,750 stores across 17 countries. It has around 280 stores in the UK. The new bankruptcy filings showed that the business reported liabilities and assets of between 1 billion dollars and 10 billion dollars. 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. 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 report indicated that a sale deal could result in store closures across the UK. It also reported that Lakeland owner Hilco is among suitors considering a takeover deal for Claire's' UK operations.
The Sun
06-08-2025
- Business
- The Sun
Fears for major high street chain with 281 UK shops after US owner files for bankruptcy
A MAJOR high street faces an uncertain future on UK high streets after its US parent business filed for bankruptcy. US-based fashion accessories and jewellery business Claire's has filed for Chapter 11 bankruptcy in a court in Delaware, according to new filings. 1 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. Claire's runs 2,750 stores across 17 countries. It has around 280 stores in the UK and it's unlikely this part of the business will find a buyer, Sky News reports. The group saw its finances improve after wiping around $1.9billion dollars (£1.4billion) off its balance sheet in a refinancing but has come under pressure from recent weak consumer demand and supply chain uncertainty. 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. 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 report indicated that a sale deal could result in store closures across the UK. It also reported that Lakeland owner Hilco is among suitors considering a takeover deal for Claire's' UK operations.
Vancouver Sun
14-07-2025
- Business
- Vancouver Sun
Hudson's Bay fights lender that wants Ruby Liu deal terminated: court docs
Hudson's Bay is firing back at one of its biggest lenders. A new court filing from the defunct department store's chief financial officer pushes back on accusations it mishandled its liquidation and is hopelessly pursuing a deal to sell 25 of its leases. Michael Culhane says it's neither fair nor credible for Hilco to criticize the Bay for matters that were foreseeable, inevitable or caused by the investment company itself, which has a subsidiary that served as the Bay's lead liquidator. Hilco and its affiliate, lender Restore Capital, have accused the Bay of bungling the retailer's liquidation by failing to close stores properly and remove fixtures and equipment. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. They also say the Bay is frittering away their collateral by pushing a deal to sell about two dozen leases to B.C. billionaire Ruby Liu, who landlords do not want to move in. They want the deal, which still needs landlord approval, terminated but the Bay maintains it should move ahead because it will recoup significant cash for its lenders and other creditors. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
National Post
14-07-2025
- Business
- National Post
Hudson's Bay fights lender that wants Ruby Liu deal terminated: court docs
Article content A new court filing from the defunct department store's chief financial officer pushes back on accusations it mishandled its liquidation and is hopelessly pursuing a deal to sell 25 of its leases. Article content Article content Michael Culhane says it's neither fair nor credible for Hilco to criticize the Bay for matters that were foreseeable, inevitable or caused by the investment company itself, which has a subsidiary that served as the Bay's lead liquidator. Article content Article content Hilco and its affiliate, lender Restore Capital, have accused the Bay of bungling the retailer's liquidation by failing to close stores properly and remove fixtures and equipment. Article content Article content They also say the Bay is frittering away their collateral by pushing a deal to sell about two dozen leases to B.C. billionaire Ruby Liu, who landlords do not want to move in. Article content They want the deal, which still needs landlord approval, terminated but the Bay maintains it should move ahead because it will recoup significant cash for its lenders and other creditors. Article content
