The UK and Ireland business of fashion accessories chain Claire鈥檚 has been bought out of administration by WH Smith and Crafter鈥檚 Companion owner Modella Capital, saving around 1,000 jobs.
Interpath, who led the sales process, confirmed the sale of 鈥榮ubstantially most of the company鈥檚 business and assets鈥� to London-based specialist retail boutique Modella, which will also see 156 Claire鈥檚 stores across the UK and Ireland transfer to the company.聽
鈥淔ollowing an agreement between Modella Capital and Ames Watson in the US in relation to the Claire鈥檚 brand, we are pleased to confirm a sale of the majority of Claire鈥檚 UK business and assets which will ensure this popular brand will continue to trade on high streets up and down the UK,鈥� said Natasha Harbinson, managing director at Interpath.
鈥淚n addition, we are also pleased to have secured a sale of the Claire鈥檚 business in Switzerland.聽
鈥淒iscussions with other interested parties continue in relation to the Claire鈥檚 entities in France, Italy and Poland.鈥�
Its chief executive Chris Cramer described the decision as a 鈥渄ifficult鈥� one to take and said its 278 shops in the UK and 28 in Ireland would remain open 鈥渨hile we explore the best possible path forward鈥�.
The firm recorded a pre-tax loss of 拢4m on falling sales of 拢137m for the year to 3rd February 2024.
145 stores are not included as part of the transaction but will remain open and will continue to trade while the joint administrators continue to assess options for them.
Will Wright, Interpath鈥檚 UK CEO and joint administrator, added: 鈥淲e鈥檇 like to express our sincere thanks to the thousands of Claire鈥檚 dedicated employees, as well as suppliers and other key stakeholders, who have supported us throughout the administration process.聽
鈥淥ur intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.鈥�