Claire’s has initiated a storewide sale offering 40% off on all items following its entry into administration. The popular teen accessories and jewelry retailer sought administration for its UK and Ireland operations in August after filing for bankruptcy in the US.
As part of a rescue plan, Claire’s disclosed the sale of 156 high street outlets to Modella Capital, excluding its remaining 145 stores. Customers have observed significant discounts, with one shopper sharing on social media about the ongoing promotion of 40% off everything (excluding piercing) and 50% off hair accessories at Claire’s.
Although it remains uncertain if the discounts are available at all Claire’s stores, it is advisable to visit your local branch to explore potential offers. Will Wright, the UK chief executive at Interpath overseeing the administration process, expressed satisfaction with the agreement between Modella Capital and Ames Watson, ensuring the continuity of the Claire’s brand presence in the UK.
Claire’s initially filed for bankruptcy in 2018 due to loan repayment challenges and has since been under the control of former creditors, including investment firms Elliott Management Corp and Monarch Alternative Capital LP. The company faced a reported £25 million in losses over the past three years, with a £4.7 million loss in the year ending March 2024 and a decline in turnover to £137 million.
In other retail developments, WH Smith has been rebranded as TGJones, with Modella Capital acquiring the brand for £76 million, excluding the travel division. Poundland, sold to investment firm Gordon Brothers for £1 and recently approved for restructuring, has shuttered numerous stores, aiming to reduce its estate to 650-700 stores. Poundland also plans to close distribution centers in Darton, South Yorkshire, and Bilston, West Midlands, by early 2026.
