Fears for Irish stores as fashion retailer Claire's Accessories files for bankruptcy in the US

Claire's runs 2,750 stores across 17 countries 

The future of Irish outlets of fashion brand Claire's Accessories is uncertain after its US parent business filed for bankruptcy.

The future of Irish outlets of fashion brand Claire's Accessories is uncertain after its US parent business filed for bankruptcy.

US-based fashion accessories and jewellery business Claire's has filed for Chapter 11 bankruptcy in a court in Delaware, according to new filings.

It is the second time the group has declared bankruptcy, after first filing for the process in 2018 after it was unable to repay a loan.

The group saw its finances improve after wiping around $1.9bn (€1.64bn) off its balance sheet in a refinancing but has come under pressure from recent weak consumer demand and supply chain uncertainty.

Claire's has around 18 stores across Ireland, with three stores in Cork alone, two each in Limerick and Kerry, eight stores in Dublin, and one each in Ennis, Waterford, Arklow, Bray, Galway, Sligo, Drogheda, Dundalk, Athlone, Mullinger, Newbridge and Kilkenny, with around 12 further outlets in the North.

Oveall it runs 2,750 stores across 17 countries. 

The new bankruptcy filings showed that the business reported liabilities and assets of between $1bn and $10bn. It also showed that the company owed more than 25,000 creditors.

The group is owned by a group of firms, including investment giant Elliott Management, who were creditors when the retail firm first faced insolvency seven years ago.

Last month, Sky News reported that Claire's was working with advisers from Interpath to seek a potential sale or restructuring of its business, with Lakeland owner Hilco is among suitors considering a takeover deal.