Claire's Accessories has broken its silence after reports suggested the chain was considering closing a number of UK stores to help it survive on the high street.
The Press Association reported that the company is working with restructuring firm Alix Partners on a number of options, which could see the high street retailer entering a Company Voluntary Arrangement (CVA) to shed sites and gain rent reductions.
But the CEO of Claire's has said Ron Marshall that they have no plans for a CVA.
He said: "We have no plans for either a CVA or major store closures in the UK in the foreseeable future. Recently emerging from the chapter 11 process in the US has enabled us to financially restructure, reducing our debt by $1.9 billion and giving us access to $575 million in capital, so we are now in a better position than ever to be able to invest in the business further, especially in our vitally important store portfolio as we continue to grow and expand the Claire's business. Any stores we do close or open in the UK would be as part of our normal course of busines."
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Claire's has more than 350 stores nationwide as well as dozens of concessions in department stores, meaning hundreds of jobs across the country could have been lost.
This comes after Claire's US parent company emerged from chapter 11 bankruptcy protection.
A spokesperson for the retailer said closing under performing stores was just part of 'normal business practice'.
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