Claire’s Falls Into UK Insolvency After Sale Talks Fail (1)

Claire’s Stores Inc. has placed its UK and Ireland business into insolvency, after the beleaguered jewelry retailer failed to secure a buyer for the operations.

The company on Wednesday appointed Interpath Advisory as insolvency administrators for the region, where it has 306 stores. Claire’s is still weighing up its future options and will keep operating with all 2,150 staff continuing in their roles, it said in an earlier statement.

“This decision, while difficult, is part of our broader effort to protect the long-term value of Claire’s across all markets,” said Chief Executive Officer Chris Cramer.

The company’s US operations ...