Claire's Plans to Appoint Administrators in Ukraine and Ireland

• Approximately 2,150 jobs are at risk due to Claire's bankruptcy.
• The retailer is seeking ways to secure a rescue through the appointment of administrators.
• The British subsidiary reported significant financial losses in recent years.

The fashion accessories retailer Claire's is preparing to appoint administrators for its business in Ukraine and Ireland, which puts approximately 2,150 jobs at risk.

The American parent company for the retail chain filed an official notice of intent to appoint an administrator from the consulting company Interpath.

This move precedes the closure of 306 stores in Ukraine and Ireland.

Administrators are to assess the possibility of a rescue for the retailer, which has suffered from declining sales due to recent weak consumer demand.

Will Wright, the general director of Interpath in Great Britain, stated: "Claire's has always been a popular brand in Great Britain, known not only for its fashionable accessories but also as a place for piercing ears."

"Over the coming weeks, we will be working to continue operating all stores, while evaluating options for the company. This includes assessing the potential for sales, which will secure the future of this beloved brand."

Recently, it became known that Claire's in the USA and Canada filed for bankruptcy at the beginning of this month, which also affected its business in other countries.

The company, which also operates stores under the Icing brand, has a debt of around $480 million, which is expected to be repaid in the upcoming fiscal year.

In the last three years, the British subsidiary of Claire's reported losses of around £25 million, including £4.7 million in the last financial year.

Tags: Ukraine/Europe/Economy