Claire’s is currently offering a discount of 40% on all items in its stores following the company’s entry into administration. The popular teen jewelry and accessories retailer appointed administrators for its UK and Ireland operations in August after filing for bankruptcy in the US. As part of a rescue plan, Claire’s announced the sale of 156 high street shops to Modella Capital investment group, excluding its remaining 145 stores.
Shoppers have noticed significant markdowns in stores, with one customer sharing on social media about the ongoing promotion of 40% off everything (excluding piercing) and 50% off hair accessories at Claire’s. While it is not confirmed if all Claire’s stores are running these sales, it is recommended to visit your local branch to explore potential discounts.
Will Wright, UK chief executive at Interpath overseeing the administrator process, expressed satisfaction with the sale of the majority of Claire’s UK business and assets to Modella Capital. Claire’s initially filed for bankruptcy in 2018 due to loan repayment issues and has since been under the control of former creditors, including investment firms Elliott Management Corp and Monarch Alternative Capital LP.
Reports indicate that Claire’s accumulated losses of £25 million over the past three years. In the fiscal year ending March 2024, the company reported a £4.7 million loss, with turnover decreasing to £137 million.
In other retail news, the WH Smith brand has been replaced by TGJones on high streets after the acquisition by Modella Capital for £76 million. The deal excluded the WH Smith travel division, and Modella Capital, known for investing in retail chains, has previously invested in Hobbycraft and Paperchase.
Furthermore, Poundland has closed numerous stores after being acquired by investment firm Gordon Brothers for £1. The budget retailer, with around 800 stores before the sale, anticipates reducing its store estate to between 650 and 700 due to recent closures and expiring leases. Poundland also plans to shut down its distribution centers in Darton, South Yorkshire, and Bilston, West Midlands, in early 2026.