Range of assets could be available as Claire’s collapses

Claire’s abrupt exit from the UK and Irish high street closes a major chapter in accessories retail, but it has also creates significant distressed acquisition opportunities across brand rights, concessions, leases and specialist service know-how.

Collapse of a high-street mainstay

On April 27 2026, administrators Kroll confirmed the immediate closure of all 154 remaining Claire’s standalone stores in the UK and Ireland, triggering around 1,300 redundancies and ending the brand’s physical high-street presence after two administrations in under a year.

Claire’s UK first entered administration on August 13 2025, shortly after US parent Claire’s Holdings LLC filed for Chapter 11 bankruptcy, at which point the Birmingham-headquartered UK arm operated 306 stores and employed more than 2,150 people.

Interpath Advisory initially ran the process, with Modella Capital acquiring 156 UK and Ireland stores and certain assets in a September 2025 pre-pack, preserving roughly 1,000 jobs, while the North American business and global IP was acquired by Ames Watson for $140 million.

The remaining 145 stores excluded from the Modella deal were wound down through late 2025, but weak Christmas 2025 trading, mounting cost pressures and a second administration in January 2026 ultimately proved terminal.

Philip Dakin, Benjamin Wiles and Janet Burt or Kroll were appointed as joint administrators of CAUKI Ltd on January 26 2026 and kept the business trading until the coordinated shutdown on April 27.

Key pressures behind the second collapse included higher employer National Insurance costs following the October 2024 Budget, landlord pressure to reclaim and re-let stores, sustained high-street footfall decline and a legacy loss burden of about £25 million over three years, against the backdrop of a looming $480 million group debt repayment due in December 2026.

Strategic assets still in play

Despite the closure of the standalone estate, several distinct asset classes remain live for acquirers. The first is the right to operate under the Claire’s name in the UK and Ireland, which is contractually separate from the global IP that Ames Watson acquired and sits outside the CAUKI administration.

French jewellery entrepreneur Julien Jarjoura, who already controls around 240 Claire’s stores across Switzerland, Austria, Spain, France and Portugal, has been in active talks with Kroll and landlords about taking new leases on approximately 50 UK stores, pointing to a potential deal for UK brand operating rights via a sub-licence or new licence from Ames Watson.

Jarjoura’s existing European turnaround playbook (notably price reductions of roughly 28 – 33 per cent and simplified promotions) provides a template for a lower-priced, volume-driven relaunch of a curated UK estate.

The second asset, and arguably the most immediately “plug-and-play”, is the concession network. Kroll has confirmed that Claire’s 356 concessions, the majority within Asda following a 2023 expansion agreement, continue to trade and are unaffected by the standalone closures.

These concessions offer structurally better economics than high-street units, with no direct lease liability, shared staffing and access to grocery-anchored footfall, making them attractive to trade buyers, private equity, or Ames Watson itself as a route to consolidating UK brand operations. The pre-collapse UK operation generated turnover of around £137 million in the 53 weeks to February 2024, with concessions representing a smaller but higher-margin slice of revenues.

The closure also releases roughly 154 sub-1,000 sq ft retail units across key destinations such as London’s Oxford Street, Bristol’s Cabot Circus and Cardiff’s St David’s Centre, now being re-let on a unit-by-unit basis rather than through bulk lease assignment.

For rival accessories chains, beauty retailers, F&B kiosks and mobile or repair operators, this is a rare chance to take on prime and secondary mall pitches as landlords look to fill sudden vacancies.

In parallel, Kroll will look to monetise the brand’s remaining stock, including jewellery, accessories and cosmetics, along with fixtures, fittings, EPOS and specialist piercing equipment via bulk liquidation, clearance sales and online channels.

Ear-piercing and back-office platforms

Beyond tangible assets, Claire’s UK leaves behind a well-developed piercing services platform that has underpinned the brand for more than two decades and proven a key driver of footfall.

Operational know-how, staff training, aftercare products and customer recognition amount to a service-layer IP asset that could be leveraged, either within a licensed Claire’s relaunch or spun into a standalone studio concept, mirroring growth in premium piercing formats such as specialist studio chains.

The estate’s specialist piercing chairs, sterilisation equipment and consumables are also of direct interest to independent studios, beauty salon chains and rival accessories brands building in-store piercing stations.

The UK head office in Birmingham, with teams across buying, merchandising, supply chain, finance and HR, is another potential acquisition focus. In distressed retail deals, experienced category buyers, Asian supplier relationships (with around 70 per cent of Claire’s global products sourced from China) and existing ERP or retail systems are frequently carved out via asset purchases or structured transfers under TUPE.

While redundancies have been notified across the store base, head-office outcomes remain in flux as Kroll continues to manage the administration.

Who might buy what?

Current party interest is concentrated around Jarjoura and at least one unnamed bidder. Kroll has stated that “an interested party is in discussion with a number of landlords with a view to taking new leases for some of the sites”. This is widely understood to relate to Jarjoura’s efforts to rebuild a smaller, higher-productivity UK estate aligned with his continental platform.

Ames Watson, which owns the Claire’s trademarks and North American operations, has not announced a UK-specific transaction but remains a logical consolidator for the concession network or for a re-integrated UK brand licence.

Any acquisition from CAUKI Ltd will likely take the form of an asset purchase agreement for fixed assets or a business transfer agreement for live operations such as concessions.

UK acquirers must navigate IP separation, negotiating brand licences directly with Ames Watson if they wish to trade as Claire’s, and unit-by-unit lease negotiations. Leases may favour landlords in prime schemes but offer better terms to buyers targeting secondary locations with higher vacancy pressure.

Wider distressed retail context

Claire’s collapse comes amid elevated UK insolvency levels and widespread distress in consumer-facing sectors, where employers face higher labour taxes, stubborn occupancy costs and a still-fragile demand environment.

The January 2026 Budget’s changes to employer National Insurance have been cited by multiple retailers, including Claire’s, as an aggravating factor, compounding structural headwinds from online migration and subdued discretionary spending.

For acquisitive trade buyers and private equity, this is contributing to a buyer’s market in distressed retail, but the Modella Capital episode underlines the execution risk: acquiring a troubled chain without materially reshaping its cost base and digital proposition is unlikely to deliver sustainable returns.

Successful buyers of distressed assets typically move quickly, arrive with funding in place and focus due diligence on the specific reasons for collapse, while being realistic about what can be fixed under a new model.

In the case of Claire’s, that may mean favouring a lean, concession-led footprint, carefully selected relaunch stores and a digital-first brand refresh over an attempt to recreate the pre-2025 estate.

Against forecasts of gradual economic recovery, those willing to take a disciplined, asset-selective approach may find that the end of Claire’s on the high street may mark the beginning of a new, more modern venture, built from its remaining UK platform.

Find out more about the UK’s challenging retail environment – and how this is potentially creating valuable acquisition opportunities for savvy buyers

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