The UK arm of jewellery and accessories chain Claire’s has called in advisors from Interpath as its parent company works on an 11th-hour rescue plan that could include all or part of the British operation being hived off.
The US-based company known for its budget jewellery and piercing services has almost 300 UK stores and over 2,000 around the world. It has an outstanding $480m (£355m) loan due to be repaid at the end of next year and reportedly started conserving cash earlier this year, including deferring interest payments on its debt.
The Telegraph reported that Interpath’s appointment has fuelled expectations of “a radical break-up that could result in sweeping store closures”. And it may even mean an exit from some countries.
The parent company has been controlled by former creditors including investment firms Elliott Management Corp and Monarch Alternative Capital since its bankruptcy filing back in 2018.
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