Claire’s is back in court in the UK. Modella Capital, which rescued the company last year, has begun insolvency proceedings for the accessories chain in the UK and Ireland for the second time in less than a year.
Last September, Modella took over Claire’s UK business in a deal that saw the closure of 145 stores and the loss of around 1,000 jobs. Claire’s currently has 145 stores and 1,355 employees in the UK.
According to Modella, Claire’s has “no realistic chance of returning to profitability” and pointed out that its previous owners left it in a “highly vulnerable” position.
The investment firm, which also owns the British retail chains TGJones (formerly WHSmith) and Hobbycraft and was part of the…