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The UK high street has suffered another huge blow after Claire's UK collpsed into administration. The jewelerry and accessories chain, which has over 280 stores throughout the UK, said it wants to appoint administrators to secure the future of the brand.
All 306 sdtores across the UK and Ireland are expected to remain open, while the retailer said no jobs will be lost under the current plans being put forward. The administration will be overseen by consultancy firm Interpath over the coming days. The retailer said it wants to use the process as a way to continue trading in the UK. Its website is also currently operational. Claire's chief executive Chris Cramer said: "This decision, while difficult, is part of our broader effort to protect the long-term value of Claire's across all markets. In the UK, taking this step will allow us to continue to trade the business while we explore the best possible path forward. We are deeply grateful to our employees, partners and our customers during this challenging period."
Last month, Sky News reported that Claire's was looking to potential sell or restructure its UK business.
Hilco Capital, which owns Lakeland, had reportedly expressed interest in snapping up Claire's. However, it is understood to have pulled out of the process.
Claire's has been controlled by former creditors, including investment firms Elliott Management Corp and Monarch Alternative Capital LP, since its 2018 bankruptcy.
Earlier this month, the parent business of Claire's filed for bankruptcy in the US for a second time. Claire's staff were reportedly told not to let bailiffs enter stores to take anything, following its bankruptcy.
The latest bankruptcy filings in the US showed that the business reported liabilities and assets of between $1billion and $10billion. It also showed that the company owed more than 25,000 creditors.
Michael Lynch, partner at city law firm DMH Stallard and insolvency and restructuring specialist, said: "Given that Claire's in the US filed for bankruptcy in the US, it comes as little surprise that Claire's UK business is also in distress.
"Stakeholders and lenders have presumably exhausted viable refinance and solvent restructuring options.
"Should Claire's enter administration, and dependent on the purpose of the administration, the administrators could sell the underlying company as a going concern or sell its business and assets, thereby saving potential job losses.
"The recent press release of an impending collapse, with a quote from prospective insolvency practitioners will allow interested parties to engage in any sale process."