Claire’s accessories could be the latest high street casualty after announcing it’s considering closing stores across the UK.
The fashion accessories store, which claims to have performed more piercings than any other chain, has over 280 stores across the UK.
However, the UK chain has incurred losses of £25,000,000 over the past three years alone, prompting the company to hire advisers to find a buyer for its British operations.
The company is also considering bankruptcy, according to Sky News, and if the company is sold, it could lead to a number of their UK storefronts closing for good.
One industry expert suggested Claire’s could see a third of their shops closed, putting hundreds of jobs at risk.
Sign up for all of the latest stories
Start your day informed with Metro’s News Updates newsletter or get Breaking News alerts the moment it happens.
Company leaders cited ‘general economic conditions’ such as inflation, labour supply, currency rates and more, which had affected the shop’s costs.
In Greater London alone, there are at least 30 branches of the popular shop.
The shop also reportedly has a £355,000,000 loan which they have to pay by the end of 2025.
If the company moves forward with a sale or bankruptcy, Claire’s will join the growing list of shops shuttering their doors across Britain.
Metro has contacted Claire’s for further information.
In June, it was announced fashion retailer River Island was working working with consultants to draw up a way to keep stores going amid tough trading conditions.
A ‘significant’ number of stores, as well as some of the 5,500 staff employed by the firm, could be affected by the move, Sky News reported.
Just yesterday, it was announced that more Poundland stores were set to close after the chain was acquired in a rescue deal.
Investment firm Gordon Brothers bought the struggling discount shop last last month, with Poundland going into a ‘restructuring’ process.
Poundland confirmed that 68 shops and two warehouses will shutter as part of the plan, subject to a court’s approval.
The company told Metro that a full list of store closures though it confirmed that the end goal would be reducing the number of Poundland stores from about 800 to 650.
New Look will also be closing down dozens of stores by the end of 2025, with the latest shutting its doors in Scotland earlier this month.
Shoppers might enjoy the closing-down sales in the short term, but the move is likely to deal another blow to struggling UK high streets.
Another store, in Wales, is due to close in August, bringing the total in the UK this year to 12, with another 26 in Ireland.
The fashion giant has been planning to trim its high street presence for some time, but it reportedly increased the number of planned closures after the Autumn budget last year.
Get in touch with our news team by emailing us at webnews@metro.co.uk.
For more stories like this, check our news page.