Latest news with #Interpath
The Independent
29 minutes ago
- Business
- The Independent
Around 2,150 jobs at risk as Claire's Accessories to appoint administrators
Fashion accessories chain Claire's is set to appoint administrators for its UK and Ireland business, putting around 2,150 jobs at risk. The US parent firm for the high street retailer said it has filed a formal notice to administrators from advisory firm Interpath. The move will raise fears over the future of its 306 stores across the UK and 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. 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.'
The Independent
29 minutes ago
- Business
- The Independent
Claire's on brink of collapse with thousands of jobs at risk
Thousands of jobs are at risk after major accessories retailer Claire's announced it was set to appoint administrators. Around 2,150 jobs could be at risk. The fashion giant has 278 stores in the UK and 28 in Ireland, but it has been struggling with falling sales and fierce competition. Administrators Interpath will "assess options for the company" as all the shops continue trading for the foreseeable, 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," Claire's CEO Chris Cramer said. '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."
The Herald Scotland
29 minutes ago
- Business
- The Herald Scotland
Claire's files for administration with 281 UK stores at risk
In a press release, it shared that at the moment, stores will continue to stay open and trade as normal, and no jobs will be lost. Consultancy firm Interpath are expected to be drafted in over the coming days to oversee the administration, The Sun reports. In a statement, Chris Cramer, CEO 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." This news follows the US parent company of Claire's filing for bankruptcy last week. Reports shared that the business filed for Chapter 11 bankruptcy in a court in Delaware. This was the second time the group had declared bankruptcy, after first filing for the process in 2018, after it was unable to repay a loan. Recommended reading: 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. The new bankruptcy filings for the US side of the company 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.
The National
an hour ago
- Business
- The National
Claire's files for administration with 25 Scottish stores at risk – see the full list
The jewellery and accessories chain has said it wants to appoint administrators to secure the future of the brand. The retailer has 281 stores in the UK, 25 of which are in Scotland. READ MORE: Glamping pod plans called in after nearly 100 objections lodged In a press release, Claire's shared that at the moment, stores will continue to stay open and trade as normal, and no jobs will be lost. Consultancy firm Interpath are expected to be drafted in over the coming days to oversee the administration, The Sun reports. In a statement, Chris Cramer, CEO 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." This news follows the US parent company of Claire's filing for bankruptcy last week. Reports shared that the business filed for Chapter 11 bankruptcy in a court in Delaware. This was the second time the group had declared bankruptcy, after first filing for the process in 2018, after it was unable to repay a loan. READ MORE: 'Disgusting' vandalism of Scottish UNESCO heritage site condemned 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. The new bankruptcy filings for the US side of the company 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. The 25 Claire's stores at risk of closure in Scotland
BBC News
an hour ago
- Business
- BBC News
Claire's Accessories on brink of collapse putting 2,150 jobs at risk
Claire's Accessories is on the brink of collapse after the fashion retailer said it will appoint administrators in the UK and Ireland, putting 2,150 jobs at risk. The company has 278 stores in the UK and 28 in Ireland but has been struggling with falling sales and fierce the shops will continue trading while administrators at Interpath, once appointed, will "assess options for the company". Interpath chief executive Will Wright, said options include "exploring the possibility of a sale which would secure a future for this well-loved brand". Claire's in the US filed for bankruptcy in the US earlier this firm operates under two brand names, Claire's and Icing, and is owned by a group of firms, including investment giant Elliott Management.
