Modella Capital has initiated insolvency proceedings for Claire’s and The Original Factory Shop after failed rescue attempts. This puts thousands of jobs at both chains in the United Kingdom and Ireland at risk.
Restructuring
1,355 jobs at 154 Claire’s stores in the United Kingdom and Ireland are at risk, and almost as many (1,220) at 140 TOFS stores, now that Modella has filed an intention to appoint an administrator for both chains. According to a spokesperson, the fund had “worked intensively to save both companies, with last-ditch efforts to rescue them, but neither has a realistic prospect of returning to profitability.”
