Claire’s has initiated a sale offering a 40% discount on all items at its stores following its entry into administration. The popular teen-focused jewelry and accessories retailer appointed administrators for its UK and Ireland operations in August after declaring bankruptcy in the US.
As part of a rescue plan, Claire’s announced the sale of 156 high street locations to investment group Modella Capita, although the deal did not include the remaining 145 stores. Customers have reported significant discounts at stores, with one social media post mentioning a promotion of 40% off everything except piercings and 50% off hair accessories.
While it is uncertain if the sales are available at all Claire’s stores, shoppers are advised to visit their local branch to explore potential discounts. Will Wright, the UK chief executive at Interpath, the firm overseeing the administration process, stated that a majority of Claire’s UK business and assets were sold to ensure the brand’s continued presence on UK high streets following an agreement between Modella Capital and Ames Watson in the US.
Claire’s initially filed for bankruptcy in 2018 due to an inability to repay a loan and has since been managed by former creditors, including investment firms Elliott Management Corp and Monarch Alternative Capital LP. The company reportedly accumulated £25 million in losses over the past three years, with a £4.7 million loss in the year ending March 2024 and a decrease in turnover to £137 million.
In other retail news, the WH Smith brand has been replaced by TGJones on high streets after Modella Capital acquired WH Smith in a £76 million deal. The transaction excluded the WH Smith travel division, with Modella Capital specializing in investing in retailers, having previously supported chains like Hobbycraft and Paperchase.
Meanwhile, Poundland has shuttered multiple stores after being acquired by investment firm Gordon Brothers for £1. The budget retailer, with around 800 stores before the sale, expects further closures and lease expirations to reduce its store count to between 650 and 700. Poundland is also set to close its distribution center in Darton, South Yorkshire, and its national distribution center in Bilston, West Midlands, in early 2026.