RETAIL chain CLAIRE’s has struck a deal to sell 156 of its UK and Ireland stores to investment firm Modella Capital, just weeks after entering administration.
The move offers a lifeline for the accessories brand but there is still uncertainty over 145 other stores and 1,000 staff.
A deal has been struck to save 156 of Claire’s high street stores, but the future remains uncertain for a further 1,000 workers[/caption]
Administrators at Interpath confirmed the sale, with about 1,000 staff transferring to Modella.
The deal ensures the survival of much of Claire’s British business, safeguarding its presence in town centres.
Interpath said it would keep the remaining stores open “for as long as we can” while it assessed options.
Interpath boss Natasha Harbinson said: “Following an agreement between Modella Capital and Ames Watson in the US, we are pleased to confirm a sale of the majority of Claire’s UK business and assets.”
The chain appointed administrators for its UK and Ireland business after filing for bankruptcy in the US.
Modella has become a significant force in the UK retail industry, having bought newsagent WH Smith’s high street chain earlier this year and taking over arts and crafts retailer Hobbycraft last year.
The WH Smith high street arm, which excludes those in travel locations, are in the process of being rebranded as TG Jones.
POST OFFICE THINKS BIG
POST Office branches are being lined up to offer services such as pharmacy prescription collection, digital ID and small business advice.
The company outlined a series of measures to grow its revenue streams, as it urges the Government to protect its 11,500-branch network and consider tax breaks for those which are struggling.
Boss Neil Brocklehurst said: “The Post Office has been part of the everyday fabric of British life for almost 400 years.
“But like any modern retailer, we must evolve to meet customer demand.”
ASTRA N.Y. BID
AstraZeneca plans to list shares directly on the New York Stock Exchange[/caption]
PHARMACEUTICAL giant Astazenecca has announced plans to list its shares directly on the New York Stock Exchange.
Its listing in NY from February will replace its trading via American depositary receipts.
The move aims to attract a broader range of global investors but will not affect its UK HQ in Cambridge or primary London listing.
Shareholders will vote on the planned changes at a general meeting in November.
GSK BOSS GOES
DAME Emma Walmsley is stepping down as chief executive of GSK after eight years.
She became the first woman to lead a major pharmaceutical company in 2017.
Chief commercial officer Luke Miels will take on the full responsibilities of the top job from the start of next year.
Dame Emma said she was looking forward to “cheering GSK’s future success as I begin my own new adventures”.
