It is a favourite among tweens around the country, but Claire's Accessories is in hot water.
The chain has been forced to call in specialist advisers to cobble together a last ditch rescue plan as a mounting bills put the retailer’s future at risk.
The high street retailer, which has almost 300 UK stores, faces the looming deadline for an outstanding $480million (£355million) loan that has to be repaid by December next year.
Here’s everything we know:
What is going on at Claire’s Accessories ?
Restructuring experts at Interpath are leading the search for investors who could buy all or part of the UK operations.
The retailer has drafted in an army of advisers to draw up a last-ditch rescue plan amid fears that it is unable to make an impending debt repayment.
Faced with an outstanding $480m (£355m) loan that must be repaid in December 2026, Claire's, which has a total of 281 UK shops, began scrambling to conserve cash earlier this year.
Restructuring experts at Interpath have been tasked with seeking investors willing to salvage all or part of its UK operations, which has a core customer base of teens and young adults.
The UK arm forms part of a much bigger group, headquartered in Chicago, with a total of 2,300 outlets across North America and Europe.
It is feared that any rescue deal will result in large scale store closures and in some cases exiting countries altogether.
How much money do Claire’s make?
Claire's American operations are expected to seek bankruptcy protection for the second time in seven years.
Its UK arm has made losses totalling £25 million over the last three years.
The most recent accounts show it was £4.7 million in the red in the year to March 2024, a slight improvement from £5 million the previous period. Turnover dipped to £137m.
Directors said "general economic conditions including inflation, currency rates, labour supply and transportation capacity" had affected the company's operating and product costs.
Which stores are at risk of closure?
No official statements on any closures have been made just yet, and the look for a new buyer does not mean any or all of the stores will close.
Currently, no specific shops have been earmarked for closure yet but all of the 281 stores are reportedly at risk, according to Business Live.
