The move is said to secure around 1,000 jobs, according to administrators.
Having said this, there are 145 stores that are not included in the deal and their future remains uncertain.
Administrators at Interpath said the majority of Claire’s UK business and assets had been sold to Modella, securing its future on British high streets.
Claire’s to sell 156 stores securing 1,000 jobs
It comes after Modella, which recently bought WH Smith’s high street chain, reached a deal with the retailer’s US parent firm Ames Watson.
Natasha Harbinson, managing director at Interpath who led the sales process, said: “Following an agreement between Modella Capital and Ames Watson in the US in relation to the Claire’s brand, we are pleased to confirm a sale of the majority of Claire’s UK business and assets which will ensure this popular brand will continue to trade on high streets up and down the UK.”
Interpath said 145 Claire’s shops were not included as part of the deal and will stay open as usual while it continues to assess options for them.
In August, Claire’s appointed administrators for its UK and Ireland business, putting around 2,150 jobs at risk.
The US parent firm for the high street retailer said it had filed a formal notice to administrators from advisory firm Interpath.
Interpath confirmed Will Wright and Chris Pole had been appointed joint administrators.
At the time, Will Wright, UK chief executive at Interpath, said: “Claire’s has long been a popular brand across the UK, known not only for its trend-led accessories but also as the go-to destination for ear piercing.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern for as long as we can, while we assess options for the company.
“This includes exploring the possibility of a sale which would secure a future for this well-loved brand.”
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The news followed the US-based Claire’s group filing for Chapter 11 bankruptcy in a court in Delaware.
It’s the second time the group has declared bankruptcy, after first filing for the process in 2018.
Which high street shops will close soon?
Despite Claire’s being saved, some other retailers have confirmed they will close some stores in the coming months.
These include Poundland, Starbucks, River Island, Trespass and Sports Direct.
You can read more about the retailers closing stores this October in our story (linked above).
