NEWS

Claire’s eyes store UK closures

Published on: 16th October 2018

Accessories chain is reported to be considering closing some of its underperforming UK stores.

Reports indicate the high street chain was talking to restructuring firms about “a number of options”.

The chain has more than 370 stores in the UK, according to its most recent accounts.

A spokeswoman for Claire’s said closing underperforming stores was “part of normal business practice”.

According to PA, one rescue plan being considered is a company voluntary arrangement (CVA) where some stores are closed and rents are reduced on remaining stores.

Claire’s chief executive Ron Marshall said it had no plans for either a CVA or major store closures in the UK “in the foreseeable future”.

“Any stores we do close or open in the UK would be as part of our normal course of business,” he added.

The news comes days after Claire’s US parent company emerged from Chapter 11 bankruptcy protection. With support from its creditors and stakeholders, the company has eliminated approximately $1.9b of debt from its balance sheet and gained access to $575m in new capital.

Ron said the firm was now “a healthier, more profitable company”.

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