Latest news with #JuliePalmer
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
07-08-2025
- Business
- Scottish Sun
Future of chain Claire's on UK high streets uncertain 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) FASHION accessories chain Claire's is facing an uncertain future on UK high streets, after its US parent firm filed for bankruptcy. It is the second time the ear-piercing favourite has declared itself bust, after previously filing for bankruptcy in 2018. Sign up for Scottish Sun newsletter Sign up 1 Claire's is facing an uncertain future after its parent firm filed for bankruptcy Credit: AFP Its finances are now under pressure from weak consumer demand and supply chain uncertainty. The filings showed that the parent business reported liabilities of up to $10billion (£7billion) and owed between 25,000 and 50,000 creditors. Claire's operates 2,750 stores worldwide, including 280 in the UK. While British stores remain unaffected for now, the UK arm has lost £25million over the past three years and is at risk of collapsing into administration later this month. READ MORE ON BUSINESS LAST ORDERS Award-winning UK restaurant chain shuts ALL its sites after nearly a decade It has been working with advisers to explore a sale or restructuring. However, potential buyers, such as Hilco Capital, are understood to have walked away. Retail experts say Claire's is struggling to stay relevant. Julie Palmer, from 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.' Claire's boss Chris Cramer said: 'We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives.' Nostalgic 90's retailer files for bankruptcy after chain misses rent payments for June and July 'CORE BLIMEY! MINING giant Glenciore has decided to stick with its London stock listing, scrapping plans to shift to New York, in a win for the City. It has been listed on the FTSE since 2011, when it was valued at £37billion — at the time the exchange's largest float. However, the Swiss-based firm has announced plans to slash £753million in costs by 2026, including job cuts across its 150,000-strong workforce. METRO BANK ON THE UP METRO BANK has bounced back, posting a £43.1million pre-tax profit for the first half of 2025 — up from a £33.5million loss reported in the same period last year. The lender doubled new corporate and small business loans to £1billion, and cut 8 per cent from its costs by axing a third of its workforce and reducing branch hours. Boss Daniel Frumkin said: 'Our strong performance reflects the decisive actions we have taken.' Elsewhere, Sabadell shareholders have approved the £2.65billion sale of TSB to Santander.
Fashion Network
06-08-2025
- Business
- Fashion Network
Fears for Claire's UK as bidders are thin on the ground
As its American parent files for bankruptcy, there are concerns that the UK arm of budget jewellery and accessories retailer Claire's may struggle to find a buyer, raising the prospect of further job losses in a British retail sector already under pressure. A report by Sky News said the news organisation 'has learnt that advisers to Claire's Inc… are not expected to land a solvent bid for its UK chain'. The British operation trades from around 300 British stores and the Europe-wide workforce (including the UK) numbers around 5,000. Claire's UK isn't expected to file for administration imminently, although it could happen this month, according to Sky's sources. That prospect comes as potential bidders appear to have got cold feet 'as the scale of the chain's challenges has become clear', a 'senior insolvency practitioner' told Sky. Those interested inthe business had been believed to include Lakeland owner Hilco Capital. There has also been speculation that as many as a third of the UK shops could be closed if the chain is to survive. Restructuring firm Interpath Advisory had been hired to find a buyer for the UK and European operations. It hasn't commented on the latest report. Meanwhile, Julie Palmer, partner at insolvency specialist Begbies Traynor, told 'Claire's second bankruptcy in seven years is emblematic of the broader crisis gripping the high street, both at home and abroad. The once-popular budget jeweller has struggled to keep pace with the rapid shift to online shopping. Its reliance on physical stores — once a key strength — has become a major liability. With its core customers of young teenagers having the ability to shop around with their thumbs across an ever-expanding range of internet options for cheaper and more convenient alternatives, a wave of store closures in the coming months looks inevitable. 'Tariffs have added to the strain. Claire's is heavily reliant on low-cost Chinese imports and the [parent company's] prospect of repaying the $500 million loan in December next year will be looming heavily over management's minds. The message is clear: the structural changes impacting every retailer have only accelerated meaning other long-standing names will have to adapt quickly to avoid a similar fate.'
Fashion Network
06-08-2025
- Business
- Fashion Network
Fears for Claire's UK as bidders are thin on the ground
As its American parent files for bankruptcy, there are concerns that the UK arm of budget jewellery and accessories retailer Claire's may struggle to find a buyer, raising the prospect of further job losses in a British retail sector already under pressure. A report by Sky News said the news organisation 'has learnt that advisers to Claire's Inc… are not expected to land a solvent bid for its UK chain'. The British operation trades from around 300 British stores and the Europe-wide workforce (including the UK) numbers around 5,000. Claire's UK isn't expected to file for administration imminently, although it could happen this month, according to Sky's sources. That prospect comes as potential bidders appear to have got cold feet 'as the scale of the chain's challenges has become clear', a 'senior insolvency practitioner' told Sky. Those interested inthe business had been believed to include Lakeland owner Hilco Capital. There has also been speculation that as many as a third of the UK shops could be closed if the chain is to survive. Restructuring firm Interpath Advisory had been hired to find a buyer for the UK and European operations. It hasn't commented on the latest report. Meanwhile, Julie Palmer, partner at insolvency specialist Begbies Traynor, told 'Claire's second bankruptcy in seven years is emblematic of the broader crisis gripping the high street, both at home and abroad. The once-popular budget jeweller has struggled to keep pace with the rapid shift to online shopping. Its reliance on physical stores — once a key strength — has become a major liability. With its core customers of young teenagers having the ability to shop around with their thumbs across an ever-expanding range of internet options for cheaper and more convenient alternatives, a wave of store closures in the coming months looks inevitable. 'Tariffs have added to the strain. Claire's is heavily reliant on low-cost Chinese imports and the [parent company's] prospect of repaying the $500 million loan in December next year will be looming heavily over management's minds. The message is clear: the structural changes impacting every retailer have only accelerated meaning other long-standing names will have to adapt quickly to avoid a similar fate.'
Fashion Network
06-08-2025
- Business
- Fashion Network
Fears for Claire's UK as bidders are thin on the ground
As its American parent files for bankruptcy, there are concerns that the UK arm of budget jewellery and accessories retailer Claire's may struggle to find a buyer, raising the prospect of further job losses in a British retail sector already under pressure. A report by Sky News said the news organisation 'has learnt that advisers to Claire's Inc… are not expected to land a solvent bid for its UK chain'. The British operation trades from around 300 British stores and the Europe-wide workforce (including the UK) numbers around 5,000. Claire's UK isn't expected to file for administration imminently, although it could happen this month, according to Sky's sources. That prospect comes as potential bidders appear to have got cold feet 'as the scale of the chain's challenges has become clear', a 'senior insolvency practitioner' told Sky. Those interested inthe business had been believed to include Lakeland owner Hilco Capital. There has also been speculation that as many as a third of the UK shops could be closed if the chain is to survive. Restructuring firm Interpath Advisory had been hired to find a buyer for the UK and European operations. It hasn't commented on the latest report. Meanwhile, Julie Palmer, partner at insolvency specialist Begbies Traynor, told 'Claire's second bankruptcy in seven years is emblematic of the broader crisis gripping the high street, both at home and abroad. The once-popular budget jeweller has struggled to keep pace with the rapid shift to online shopping. Its reliance on physical stores — once a key strength — has become a major liability. With its core customers of young teenagers having the ability to shop around with their thumbs across an ever-expanding range of internet options for cheaper and more convenient alternatives, a wave of store closures in the coming months looks inevitable. 'Tariffs have added to the strain. Claire's is heavily reliant on low-cost Chinese imports and the [parent company's] prospect of repaying the $500 million loan in December next year will be looming heavily over management's minds. The message is clear: the structural changes impacting every retailer have only accelerated meaning other long-standing names will have to adapt quickly to avoid a similar fate.'
