Claire’s has initiated a sale offering 40% off on all items in its stores following the company’s move into administration. The popular teen jewelry and accessories retailer appointed administrators for its UK and Ireland operations in August, subsequent to 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, although the transaction excluded its remaining 145 stores.
Customers have reported significant discounts in Claire’s stores, with one individual sharing on social media about ongoing promotions such as 40% off everything (excluding piercing) and 50% off hair accessories. The availability of these sales in all Claire’s stores remains uncertain, prompting shoppers to visit their local branches to explore potential discounts.
Will Wright, the UK chief executive at Interpath overseeing the administration process, expressed satisfaction regarding the sale of a significant portion of Claire’s UK business to Modella Capital and Ames Watson in the US, ensuring the brand’s continuity on UK high streets. Claire’s initially filed for bankruptcy in 2018 due to loan repayment issues and has since been under the control of former creditors, including investment firms Elliott Management Corp and Monarch Alternative Capital LP.
Reports have indicated that Claire’s accumulated losses of £25 million over the past three years, with a reported loss of £4.7 million in the year ending March 2024, coupled with a decrease in turnover to £137 million.
In other retail developments, the brand WH Smith has been replaced by TGJones on high streets, as Modella Capital acquired WH Smith in a deal totaling £76 million. However, the deal excluded the WH Smith travel division, comprising shops located in airports, train stations, and hospitals. Poundland has closed multiple stores after being acquired by investment firm Gordon Brothers for £1, with plans to reduce its store estate to between 650 and 700 stores due to recent closures and expiring leases. Additionally, Poundland will shut down its distribution center in Darton, South Yorkshire, and its national distribution center in Bilston, West Midlands, in early 2026.