Big high street name launches 40% off 'everything' sale after collapsing
The teen jewellery and accessories retailer appointed administrators for its UK and Ireland business in August after filing for bankruptcy in the US
Claire’s has launched sales of 40% off “everything” in stores after collapsing into administration.
The teen jewellery and accessories retailer appointed administrators for its UK and Ireland business in August after filing for bankruptcy in the US.
Claire’s later announced that it will sell 156 high street shops to investment group Modella Capita as part of a rescue plan - however, the deal did not include its remaining 145 stores.
Shoppers have now spotted big discounts in stores, with one customer posting on social media: "Claire’s accessories are currently running a promotion 40% off everything (excluding piercing) and 50% off hair accessories."
It isn't clear if the sales are running in every Claire's store, but it may be worth checking out your local branch to see what discounts they may have.
Will Wright, UK chief executive at Interpath, the firm appointed to handle the administrator process, said last month: “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.”
Claire's first filed for bankruptcy in 2018 after it was unable to repay a loan. Ever since then, the company had been controlled by former creditors including investment firms Elliott Management Corp and Monarch Alternative Capital LP.
It is reported that Claire's racked up £25million in losses over the past three years. In the year to March 2024, it reported a £4.7million loss, with turnover dipping to £137million.
In more retail news, the WH Smith name has disappeared from high streets and has been replaced by the brand TGJones. WH Smith was also snapped up by Modella Capital in a deal valued at £76million.
The deal did not include the WH Smith travel division – which includes shops in airports, train stations and hospitals. Modella Capital specialises in investing in retailers, and in the past has pumped money into chains including Hobbycraft and Paperchase.
Meanwhile, Poundland has closed dozens of stores after being sold to investment firm Gordon Brothers for £1. The budget retailer - which had its restructuring plan recently approved in the High Court - had around 800 stores before it was sold.
Poundland expects the latest closures, alongside leases expiring, will see its store estate eventually reduced to between 650 and 700.
On top of this, the high street giant will also close its distribution centre at Darton, South Yorkshire and its national distribution centre at Bilston in the West Midlands in early 2026.
