Claire’s in talks to close some UK stores after parent company goes bankrupt
PUBLISHED: 13:12 15 October 2018 | UPDATED: 17:15 15 October 2018
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Jewellery and accessory store Claire’s is considering closing a number of stores, it has been revealed.
The chain has stores across East Anglia, including shops in Norwich’s Castle Mall and Chapelfield, as well as in King’s Lynn.
Claire’s also has shops in Bury St Edmunds, Newmarket, Colchester and Ipswich.
It is understood that Claire’s is working with a restructuring firms about its options, one of which is thought to include a company voluntary arrangement (CVA), an insolvency procedure used to shed under-performing sites.
CVAs have hit the headlines this year after the procedure was used by the likes of New Look, Jamie’s Italian and Mothercare to close sites and gain rent reductions.
Hundreds of jobs could be at risk if the chain presses ahead with a CVA.
It is understood that the talks are at a preliminary stage.
The news comes just days after the chain’s US parent company, Claire’s Stores Inc, announced that it had reorganised after filing for bankruptcy earlier this year.
Investment funds Elliott Management and Monarch have seized control of the US arm through the painful restructuring.