Major UK retailer with 154 stores could be saved after plunging into administration
A French jewellery entrepreneur is said to be in talks to rescue the UK arm of Claire's Accessories. The high street stalwart collapsed into administration for a second time in January.
The chain has 154 branches left in Britain after a series of closures since then. Julien Jarjoura is reportedly in talks with the business's administrators and landlords about a deal.
His purchase gives him control of 240 shops on the continent, according to Retail Gazette.
Mr Jarjoura said landlords in London recently responded positively and as an entrepreneur he could not bear the idea of letting go of a business worth saving.
Claire's was one of a number of high profile firms to have gone bust this year, affecting thousands of jobs.
Others include US-inspired restaurant chain TGI Fridays and Revolution Bars owner The Revel Collective.
Car park operator NCP on Monday added to the list, calling in administrators after seeing losses mount in a move putting 682 jobs at risk.
Official figures released this week show the number of companies collapsing into administration jumped by nearly a third last month.
The Insolvency Service said company administrations rose 30% year-on-year in February to 146, maintaining high levels seen in January when 152 firms called in administrators.
Overall, company insolvencies across the board were 7% higher when compared with January, at 1,878, but were 7% lower on an annual basis.
Giuseppe Parla, restructuring and insolvency director at Menzies, warned a further pick up in insolvencies is expected over 2026 if the Iran conflict is not resolved quickly.
He said: "For companies already operating on tight margins, rising costs and uncertainty could quickly translate into further financial distress.
"As a result, we could see insolvency numbers continue to rise in the months ahead."