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The jewellery retailer Claire's is struggling to find a purchaser for its British precocious thoroughfare operations, stoking fears implicit thousands much retail jobs.
Sky News has learnt that advisers to Claire's Inc, which filed for Chapter 11 bankruptcy extortion successful the US connected Wednesday, are not expected to onshore a solvent bid for its UK chain, which trades from adjacent to 300 stores.
The precise fig of employees astatine its British operations is unclear, though 1 insider said the institution had a 5,000-strong workforce crossed Europe, including the UK.
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A filing for medication successful the UK is said to beryllium improbable this week but is present regarded arsenic progressively imaginable arsenic soon arsenic this month, according to retail executives.
Prospective bidders for Claire's British arm, including the Lakeland proprietor Hilco Capital, person backed distant from making offers successful caller weeks arsenic the standard of the chain's challenges has go clear, a elder insolvency practitioner said.
Interpath Advisory, the restructuring firm, was precocious hired to find a purchaser for the UK concern and its wider European operations.
One retail manufacture brag had speculated that arsenic galore arsenic a 3rd of the UK shops could beryllium axed successful a woody to salvage the remainder of the chain, putting hundreds of jobs astatine risk.
Claire’s has been a fixture successful British buying centres and connected precocious streets for decades, and is peculiarly fashionable among teenage shoppers.
Houlihan Lokey, the concern bank, has been advising connected the merchantability of the US arm.
Founded successful 1961, it is reported to commercialized from 2,750 stores globally.
The institution is owned by erstwhile creditors Elliott Management and Monarch Alternative Capital pursuing a erstwhile fiscal restructuring.
Interpath declined to comment.
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