Claire’s is permanently withdrawing from the Spanish market. Declining sales figures and a high level of debt are preventing a relaunch of the accessories chain, which had more than 100 stores in the country.
Negative equity
Claire’s Spanish subsidiary is closing down: a logical consequence of the difficulties faced by the American parent company, which did find a new owner for its North American stores and is making a partial relaunch in the United Kingdom and Ireland, but had already gone bankrupt in Belgium, the Netherlands, and France, among other countries.
Claire’s turnover in Spain fell by 6.13% from €21.29 million to 19.98 million euros in the financial year ending January 31, 2024, according to trade magazine Modaes. The company also saw its debts rise from €15.9 million in 2022 to €20.75 million in 2023. As a result, its equity amounted to a negative €7.48 million. On January 31, 2024, Claire’s still had 116 stores in Spain.
