More than 150 Claire's stores saved in Modella rescue deal

Fashion accessories chain Claire’s has agreed to sell 156 shops to investment group Modella Capital, but the future of 145 remaining stores and around 1,000 workers hangs in the balance, administrators have said.

Administrators at Interpath said the majority of Claire’s UK business and assets had been sold to Modella, securing its future on British high streets.

The sale includes about 1,000 staff working across the UK and Ireland stores which will be transferred to the new owners.

It comes after Modella, which recently bought WH Smith’s high street chain, reached a deal with the retailer’s US parent firm Ames Watson.

But 145 Claire’s shops were not included as part of the deal, meaning around 1,000 jobs remain at risk.

Interpath said it will keep the stores open as usual “for as long as we can” while it assesses options for them.

Natasha Harbinson, managing director at Interpath who led the sales process, said: “Following an agreement between Modella Capital and Ames Watson in the US in relation to the Claire’s brand, we are pleased to confirm a sale of the majority of Claire’s UK business and assets which will ensure this popular brand will continue to trade on high streets up and down the UK.”

Claire’s appointed administrators for its UK and Ireland business last month after filing for bankruptcy in the US.

Its new buyer Modella has become a significant force in the British retail industry, having swooped in to buy WH Smith’s high street chain earlier this year and taking over arts and crafts retailer Hobbycraft last year.

The WH Smith shops, which do not include those in travel locations, are in the process of being rebranded to the name TGJones.