The retailer appointed Interfaith as administrator on Wednesday in a bid to “protect the long-term value of Claire’s”
Fashion and accessories retailer Claire’s has entered administration in the UK and Ireland.
The retailer, which has more than 300 stores in the UK and Ireland, appointed Interpath as administrator on Wednesday.
The administrators will seek a rescue path, though prospective buyer Hilco Capital – which funded a management buyout of embattled kitchenware retailer Lakeland this spring – is said to have walked away.
“This decision, while difficult, is part of our broader effort to protect the long-term value of Claire’s across all markets”
Alongside fashion accessories and piercing services, Claire’s sells collectible toys, blind boxes, plush and beauty-themed arts and crafts ranges.
Chris Cramer, Claire’s CEO, 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.”
Claire’s will continue to operate as usual, with staff staying on throughout the administration period, according to administrators.
Will Wright, UK chief executive at Interpath, said: “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.
Claire’s US sister company filed for Chapter 11 bankruptcy last week. It is the second time, having rebounded from its first filing in 2018.
