Claire's Accessories is set to make a dramatic return to British high streets next month, just days after its stores were shuttered, according to reports. The budget accessories retailer will launch 50 new stores across the UK in a comeback orchestrated by the owner of its European operations.
The chain closed its remaining stores only a few days ago after private equity firm Modella Capital placed the struggling retailer into administration. However, Julien Jarjoura, the French entrepreneur who operates Claire's Accessories locations in France, Austria, Portugal, and Spain, announced on Friday that he is stepping in to rescue the brand.
Jarjoura told the Guardian he has secured approval from Ames Watson, which owns the Claire's brand in the United States, to open new stores on high streets across the UK. “I feel so sad when I see such a nice business going down. The brand was basically dead and we’re bringing it back to life,” he said.
He has already begun signing leases with British landlords and plans to open between four and ten new stores every week starting in June. “A lot of people think Claire’s is a British brand. It is extremely famous in the UK and there is no way it is going away,” Jarjoura added.
New Strategy for Claire's
The French businessman first attempted to acquire Claire’s in January and said he will introduce some higher-priced products to generate more revenue. “We are not a discount store but we like to sell stuff at a fair price,” he explained.
Claire’s remaining UK stores closed their doors on Monday, marking the end of a process that saw 154 stores shut and more than 1,000 jobs lost.
Modella Capital's Struggles
Modella Capital rescued the retailer in August but initiated administration proceedings only months later, in January of this year. A spokesman for the company stated at the time: “We have worked intensively in an effort to save both businesses, having made last-ditch attempts to rescue them, but neither has a realistic possibility of trading profitably again. In these circumstances, administration is the only option.”
The Original Factory Shop, a budget department store also owned by Modella, collapsed simultaneously, and its remaining stores ceased trading earlier this month.
Modella has acquired a string of high street retailers in recent years but has ended up offloading several soon after purchase. The firm bought WH Smith’s 480 high street stores for £40 million in June last year but is reportedly preparing to mount an “aggressive” restructuring of the stationery retailer that could force 100 stores to close.
