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Claire’s Accessories is the latest retailer considering store closures

PUBLISHED: 16:55 15 October 2018 | UPDATED: 16:55 15 October 2018

Claire's considers a Company Voluntary Arrangement (CVA), . Picture: Nick Ansell/PA Wire

Claire's considers a Company Voluntary Arrangement (CVA), . Picture: Nick Ansell/PA Wire

Jewellery and accessory store Claire’s is considering closing a number of stores, it has been revealed.

Claire’s has shops in Ipswich, Bury St Edmunds, Newmarket and Colchester.

The chain, which offers ear piercing as well as affordable jewellery, is aimed at 8 to 12-year-olds.

It is understood that Claire’s is working with a restructuring firms about its options, one of which is thought to include a company voluntary arrangement (CVA), an insolvency procedure used to shed under-performing sites.

CVAs have hit the headlines this year after the procedure was used by the likes of New Look, Jamie’s Italian and Mothercare to close sites and gain rent reductions.

Hundreds of jobs could be at risk if the chain presses ahead with a CVA.

Claire’s has more than 350 stores in the UK and dozens of concessions, according to its most recent accounts.

Hundreds of jobs could be at risk if the chain presses ahead with a CVA.

It is understood that the talks are at a preliminary stage.

The news comes just days after the chain’s US parent company, Claire’s Stores Inc, announced that it had reorganised after filing for bankruptcy earlier this year.

Investment funds Elliott Management and Monarch have seized control of the US arm through the painful restructuring.

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