Claire’s Accessories to launch UK high street comeback
Collapsed jewellery chain Claire’s Accessories will return to British high streets next month after its stores were shuttered only days ago, according to reports.
The budget accessories retailer is set to launch 50 new stores on UK high streets, in a comeback staged by the owner of its European stores.
Claire’s shut its remaining stores only a few days ago, after private equity firm Modella Capital put the struggling retailer into administration.
But Julien Jarjoura – the French entrepreneur who operates Claire’s Accessories locations in France, Austria, Portugal and Spain – announced on Friday he is coming to its rescue.
He told the Guardian he has secured the blessing of Ames Watson – which owns the brand in the US – to open new stores in high streets across the UK.
Claire’s ‘brought back to life’
Jarjoura said: “I feel so sad when I see such a nice business going down. The brand was basically dead and we’re bringing it back to life.”
He said he has already begun signing leases with British landlords, and plans to open between four and 10 new stores every week from June.
“A lot of people think Claire’s is a British brand. It is extremely famous in the UK and there is no way it is going away,” Jarjoura said.
The French businessman first attempted to snap up Claire’s in January, and said he will introduce some pricer products to bring in more cash.
“We are not a discount store but we like to sell stuff at a fair price,” he said.
Claire’s remaining UK stores closed their doors on Monday, marking the end of a process which saw 154 stores shut and more than 1,000 jobs lost.
Latest collapse for Modella
Modella Capital rescued the retailer in August but triggered administration proceedings only months later, in January of this year.
A spokesman for the company said at the time: “We have worked intensively in an effort to save both businesses, having made last-ditch attempts to rescue them, but neither has a realistic possibility of trading profitably again.
“In these circumstances, administration is the only option.”
The Original Factory Shop – the budget department store also owned by Modella – collapsed at the same time, and its remaining stores ceased trading earlier this month.
The private equity firm has snapped up a string of high street retailers in recent years, and has ended up offloading several soon after purchase.
Modella bought WH Smith’s 480 high street stores for £40m in June last year, but is reportedly preparing to mount an “aggressive” restructuring of the stationery retailer which could force 100 stores to shut.