October 16, 2018 11.05 am This story is over 65 months old

Claire’s accessories chain is “going nowhere”

There are no plans for a CVA
Claire's is here to stay. Photo: Shop Lincoln

Lincolnshire Claire’s store are said to be safe after the company argued there are no plans for a wave of store closures or to enter a CVA, despite reports.

The company was said to be talking to restructuring firms about “a number of options”.

The Press Association reported the chain was considering closing some of its UK stores.

Claire’s has since said that reports regarding store closures in the UK are incorrect and any of their stores opening and closing are part of “normal business practice”.

The retail chain, which has stores in Lincoln, Boston, Skegness, Spalding, Grimsby and Scunthorpe, has 311 exclude outlets, 333 include outlets and 17 concessions.

CEO Ron Marshall said: “We have no plans for either a CVA or major store closures in the UK in the foreseeable future.

“Recently emerging from the chapter 11 process in the US has enabled us to financially restructure, reducing our debt by $1.9 billion and giving us access to $575 million in capital, so we are now in a better position than ever to be able to invest in the business further, especially in our vitally important store portfolio as we continue to grow and expand the Claire’s business.

“Any stores we do close or open in the UK would be as part of our normal course of business”

Claire’s US parent company recently emerged from bankruptcy protection, which aims at giving companies time to restructure their finances.

The company said with the restructured balance sheet it is well poised for future growth, with exciting developments with its concession partners and a new store concept on the horizon.

A statement from the company said: “Claire’s aim is to bring smiles to customers’ faces, whether it be through making magical memories piercing ears, providing her with that “must have” product that makes her day, hosting her special birthday celebrations, or just providing her with positive, empowering messages that help her believe in herself.

“So we are delighted to announce that we’re emerging stronger than ever from the chapter 11 process, continuing to be there for all girls around the world for many more years to come creating those magical memories and making people smile.”

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