Claire’s Accessories has sought to reassure customers that its UK operations will not be affected by its US counterpart’s bankruptcy filing.
Earlier this week it was reported that the accessories retailer, which trades from 378 stores and 128 concessions across the UK, was preparing for bankruptcy as it struggled to tackle its £1.4 billion debt pile.
However, the owners of the US-based company, Apollo Management, told City AM on Thursday that the processes will not affect its European operations.
Furthermore, Claire’s UK finance director Stuart Brown sought to reassure investors by stating that its US arm was confident it could honour commitments and continue to trade at least until early 2019.
The news will come as a relief to employees and investors alike, as Toys R Us announced that both its stores across the UK and US would start closing.
Three thousand jobs in the UK and 30,000 in the US have been placed in jeopardy as the toy retailer winds down.