Hilco Capital has renewed its interest in Claire’s UK and Ireland business, entering the race to buy the high street chain out of administration.
The move comes just weeks after the Lakeland owner walked away from an earlier auction for the retailer, which collapsed on 13 August, putting around 2,150 jobs at risk.
Administrators Interpath have kept the chain’s 306 stores open while exploring a sale to secure a future for the brand.
Hilco joins a growing list of suitors, including Modella Capital, which recently acquired 480 WHSmith stores, and Doug Putman, the businessman behind HMV’s rescue in 2019, both of whom have tabled offers in the past ten days.
According to Retail Week, Hilco has re-entered discussions with Interpath after previously withdrawing from the process.
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Any deal could involve a significant restructuring, with only around 100 stores considered commercially viable.
Financial ties to Claire’s bankrupt US parent, which filed for Chapter 11 in early August, could see a UK and Ireland transaction priced as low as £1, with intercompany loan notes and asset-based lending facilities needing to be unwound.
Will Wright, UK CEO at Interpath, said: “Claire’s has long been a popular brand across the UK, known not only for its trend-led accessories but also as the go-to destination for ear piercing. Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the company.”
Interpath, Hilco, Modella, and Putman all declined to comment on ongoing discussions.
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