Claire's Accessories is rescued from bankruptcy, saving 1,000 jobs

The joint administrators have confirmed the sale of the business to Modella Capital.

The joint administrators of retailer Claire’s Accessories have confirmed the sale of most of the company’s business and assets to Modella Capital, the specialist retail and consumer investment firm.

The transaction will see 156 Claire’s stores across the UK and Ireland transfer to Modella Capital, preserving approximately 1,000 jobs.

Natasha Harbinson, managing director at Interpath who led the sales process, 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.

“In addition, we are also pleased to have secured a sale of the Claire’s business in Switzerland. Discussions with other interested parties continue in relation to the Claire’s entities in France, Italy and Poland.” 

 Claire’s is one of the most recognisable retail brands, known for its range of fashionable jewellery and accessories, as well as its piercing services. The company was placed into administration in August after its parent company, Claire’s Holdings LLC, commenced Chapter 11 proceedings in the United States.

145 stores are not included as part of the transaction. These stores will remain open and will continue to trade while the joint administrators continue to assess options for them.

Will Wright, Interpath’s UK CEO and joint administrator, added: “We’d like to express our sincere thanks to the thousands of Claire’s dedicated employees, as well as suppliers and other key stakeholders, who have supported us throughout the administration process. Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”