Claire’s goes into liquidation in Spain following its US parent’s bankruptcy

Accessories and jewellery chain Claire’s continues to scale back its international network. After filing for bankruptcy in the US this summer, Claire’s has now added Spain to the list of markets affected by the group’s global crisis. Spain thus joins the UK, Ireland, and other European subsidiaries that have initiated insolvency proceedings. This latest step comes just a few weeks after the company sold its North American business to the investment firm Ames Watson.

In Spain, Claire’s Accessories Spain voluntarily applied for insolvency proceedings last September. As stated in the order issued by Madrid’s Court No 12, the petition cites ‘the inability to pay all debts falling due imminently’ and ‘the absence of refinancing’, reflecting a state of insolvency, according to the online daily El Español.

Convenia Profesional has been appointed insolvency administrator and has two months to report on the company’s situation, assess its viability, and determine the future of the stores that remain open. In parallel, the company has already commenced a liquidation phase.

The Spanish subsidiary of Claire’s was incorporated in 2003 and began operations in 2005. According to the latest available data, as of January 31, 2024, the company operated 116 stores and employed 372 people. However, the network has been significantly reduced in recent months and currently operates just 12 stores, mostly in Madrid.

Meanwhile, in other affected markets, Claire’s has opted for divestment. In the US, the company closed 300 stores and sold around 1,000 locations to Ames Watson for US$140 million. In other markets, including Canada, Germany, France, Austria, Switzerland, the UK and Ireland, the company has undertaken similar transactions. Specifically, in the UK and Ireland, Modella Capital acquired a total of 156 of its stores for US$100 million.