Popular UK store to close 128 locations after £25m losses

Fashion retailer Claire’s Accessories may be the latest casualty of the UK’s struggling high street, as the company announced it is considering closing multiple stores across the country amid ongoing financial challenges.

With over 280 stores nationwide and a reputation for having performed more ear piercings than any other chain, the popular UK store is now exploring the possibility of selling its UK operations. The company has suffered a staggering £25 million loss in the past three years alone.

According to Sky News, Claire’s has hired advisers to seek a buyer, but a potential bankruptcy filing is also being considered. If a sale or restructuring proceeds, it could result in a significant number of branches being permanently shuttered.

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An industry expert has warned that up to a third of Claire’s UK stores could close, threatening hundreds of jobs. In Greater London alone, the brand operates over 30 outlets.

Claire’s also faces pressure from a looming £355 million loan repayment, due by the end of 2025.

In a statement, the company attributed its struggles to ‘general economic conditions’, including inflation, labour shortages, and fluctuating currency rates, all of which have contributed to increased operational costs.

Retail analyst and criminology professor Emmeline Taylor, from City, St George’s University of London, noted that the case of Claire’s is just one example of a wider crisis plaguing physical retail shops across the UK.

“Bricks-and-mortar stores are battling rising costs, staff shortages, and online competition.

“The increase in shop theft and abuse towards workers is also worsening conditions.

“The result is boarded-up stores that not only hurt local economies but can also invite crime and antisocial behaviour,” she explained.

The popular UK store may soon join a growing list of UK retailers downsizing or closing altogether.

Fashion outlet River Island recently announced that it is working with consultants on how to navigate tough trading conditions, with job cuts and store closures likely.

Meanwhile, Poundland, recently acquired by investment firm Gordon Brothers, confirmed the closure of 68 stores and two warehouses.

The company said it plans to cut down from 800 stores to around 650, pending court approval.

Fashion brand New Look has also started winding down operations, with a number of closures planned by the end of 2025. A dozen UK branches have already closed this year, and another 26 in Ireland are set to follow.

While shoppers may temporarily benefit from clearance sales, retail experts warn that these closures are taking a toll on UK high streets, leaving behind vacant buildings and lost community spaces.

As Claire’s faces an uncertain future, questions continue to mount over what can be done to save Britain’s once-thriving retail landscape.