Fashion retailer Claire’s Accessories has agreed to sell 156 of its UK and Ireland stores to investment group Modella Capital in a move that will safeguard around 1,000 jobs.
However, uncertainty remains over the future of 145 other stores, leaving a further 1,000 staff facing an anxious wait as administrators explore options.
Interpath Advisory, which was appointed to oversee the administration last month, confirmed the majority of Claire’s UK business and assets have been sold to Modella, ensuring the brand retains a significant presence on the high street.
Natasha Harbinson, managing director at Interpath, said: “Following an agreement between Modella Capital and Ames Watson in the US in relation to the Claire’s brand, we are pleased to confirm a sale of the majority of Claire’s UK business and assets which will ensure this popular brand will continue to trade on high streets up and down the UK.”
The sale includes 156 shops across the UK and Ireland, with staff transferring to the new owners. The remaining 145 stores will continue to operate “for as long as we can” while administrators review strategic options.
Claire’s, known for its fashion jewellery and accessories aimed at teenagers and young adults, filed for bankruptcy in the US earlier this year, triggering administration for its UK and Ireland operations.
Modella Capital has emerged as a major player in UK retail, having recently acquired WH Smith’s high street chain and taken over arts and crafts retailer
