Jewellery and accessories chain has ‘no plans for major store closures in the UK’.
A wave of press reports earlier this week suggested that jewellery and accessories chain, Claire’s Accessories, was due to be the latest retailer to consider closing some of its UK stores – however, the claims have been denied by the retailer.
Reports began to emerge on Tuesday (October 16) that the group could be considering a company voluntary arrangement, including some store closures and a reduction on rents for remaining properties.
However, a report on Retail Sector carries a statement from ceo Ron Marshall stating: “We have no plans for either a CVA or major store closures in the UK in the foreseeable future. Any stores we do close or open in the UK would be as part of our normal course of business.”
The retailer – which carries a number of licensed lines – recently emerged from the chapter 11 process in the US, financially restructuring the business and exciting bankruptcy on October 12.
Ron’s statement continued: “Recently emerging from the chapter 11 process in the US has enabled us to financially restructure, reducing our debt by $1.9bn and giving us access to $575m 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.”
Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter.
