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The Sun
3 days ago
- Business
- The Sun
Iconic homeware chain with 58 stores to close branch in DAYS in a blow to shoppers
A POPULAR homeware chain is set to shut one of its high street stores in days in a blow to shoppers. Lakeland is closing its Broad Street store in Reading on August 8, the store has confirmed to The Sun. Signs in the shop window say that the store is closing and everything must go. Disappointed customers shared the news on Facebook, with one saying: 'Oh nooo! I love Lakeland products! I hate being forced to have to shop online for my favourite items of kitchen and homeware.' They added: 'Reading used to be a vibrant shopping centre which I loved visiting, but not anymore!' Another said: 'What? I love that shop. There's going to be nothing left soon.' Meanwhile, a third commented: 'It's sad when shops have to close especially in my home town Reading.' Lakeland has 58 shops across the UK, employs around 1,000 staff and is based in Windermere in the Lake District. The popular chain sells thousands of homeware and kitchen products including spatulas, food containers and baking suppliers. But the chain's future was thrown into question this year as it searched for a new owner. The company began talks with investor Hilco Capital in April in a deal that would provide a new funding package to support the struggling retailer. Lakeland had been searching for tens of millions of pounds of funding to navigate difficult economic conditions, including the increase in national insurance costs for employers. It also hired financial advisors earlier this year to explore its options. The family-run business was created in 1964 and is now spearheaded by three sons of the founder Alan Rayner. The brothers chose advisory company Teneo to help them navigate a potential sale back in January. Months of discussion with various potential buyers followed, including Modella Capital, which this year acquired WHSmith's high street shops. Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year. The Reading closure follows the shuttering of another popular store last month. The Lakeland shop in Syon Park, west London, closed its doors for good on June 6. Meanwhile, the store in the Eastgate Shopping Centre, Inverness, was shut down and relocated to the Simpsons Garden Centre in mid-March. Lakeland did not give a reason for the move. At the time customers described the decision as a big loss for the shopping centre.
Scotsman
21-07-2025
- Business
- Scotsman
Claire's UK: ear piercing chain faces uncertain future
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement. Shoppers could soon say goodbye to their go-to sparkle spot as big changes loom ✨ Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Hilco Capital is considering a takeover of Claire's UK business, which runs 280 stores The retailer faces a £355m debt repayment and falling sales amid tough market conditions Industry insiders warn up to a third of Claire's UK stores could be shut in a rescue deal Claire's US arm is reportedly exploring bankruptcy protection to secure its future Other potential bidders include Alteri Investors and Modella Capital The investment firm behind household names like Lakeland, HMV, and Superdry, is eyeing a potential takeover of a UK retail icon that has defined a generation of childhood shopping trips. Hilco Capital's potential acquisition of the UK arm of Claire's Accessories could mean big changes for stores across the country. Advertisement Hide Ad Advertisement Hide Ad The high street stalwart, which operates around 280 stores in Britain, has appointed Interpath Advisory to explore sale and restructuring options amid mounting debt and ongoing cost pressures. With warnings that up to a third of UK Claire's stores could be forced to close, the future of the brand on the British high street is far from certain. (Photo: RICCARDO MILANI/Hans Lucas/AFP via Getty Images) | Hans Lucas/AFP via Getty Images Why is Claire's being sold? The retailer is grappling with a looming £355 million repayment due in 2026. While pre-tax losses have narrowed slightly, UK sales have dipped, and rising operational costs have further squeezed profitability. Claire's current owners — a group including Elliott Management, Monarch Alternative Capital, and JP Morgan — are also actively looking for buyers for its global business, which spans more than 2,700 stores worldwide. Advertisement Hide Ad Advertisement Hide Ad The situation is even more precarious in the US, where Claire's is reportedly considering bankruptcy protection to safeguard the future of its operations. Who's in the running to buy Claire's UK? Hilco isn't the only one in the frame. Private equity firms including Alteri Investors and Modella Capital — the latter fresh off acquiring WHSmith's high street division — are also reported to be circling. But whoever ends up taking the reins, the road ahead likely involves some painful decisions. Advertisement Hide Ad Advertisement Hide Ad Will Claire's Accessories stores close? Retail experts say store closures are all but inevitable, with one industry boss suggesting as many as 90 stores could be shuttered as part of a rescue strategy — putting hundreds of jobs at risk. If you rely on Claire's for quick, affordable accessories, birthday gifts, or a first-time ear piercing, your local store could soon disappear. With many of its outlets based in shopping centres and town centres, closures would mark another blow to already struggling high streets. But Hilco also has a reputation for turning around troubled brands — its involvement in HMV helped the music retailer survive a turbulent retail climate. Advertisement Hide Ad Advertisement Hide Ad A more streamlined Claire's could emerge, with fewer but better-performing stores and possibly more focus on e-commerce and experiential retail.
Scotsman
21-07-2025
- Business
- Scotsman
Claire's UK: ear piercing chain faces uncertain future
This article contains affiliate links. We may earn a small commission on items purchased through this article, but that does not affect our editorial judgement. Shoppers could soon say goodbye to their go-to sparkle spot as big changes loom ✨ Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Hilco Capital is considering a takeover of Claire's UK business, which runs 280 stores The retailer faces a £355m debt repayment and falling sales amid tough market conditions Industry insiders warn up to a third of Claire's UK stores could be shut in a rescue deal Claire's US arm is reportedly exploring bankruptcy protection to secure its future Other potential bidders include Alteri Investors and Modella Capital The investment firm behind household names like Lakeland, HMV, and Superdry, is eyeing a potential takeover of a UK retail icon that has defined a generation of childhood shopping trips. Hilco Capital's potential acquisition of the UK arm of Claire's Accessories could mean big changes for stores across the country. Advertisement Hide Ad Advertisement Hide Ad The high street stalwart, which operates around 280 stores in Britain, has appointed Interpath Advisory to explore sale and restructuring options amid mounting debt and ongoing cost pressures. With warnings that up to a third of UK Claire's stores could be forced to close, the future of the brand on the British high street is far from certain. (Photo: RICCARDO MILANI/Hans Lucas/AFP via Getty Images) | Hans Lucas/AFP via Getty Images Why is Claire's being sold? The retailer is grappling with a looming £355 million repayment due in 2026. While pre-tax losses have narrowed slightly, UK sales have dipped, and rising operational costs have further squeezed profitability. Claire's current owners — a group including Elliott Management, Monarch Alternative Capital, and JP Morgan — are also actively looking for buyers for its global business, which spans more than 2,700 stores worldwide. Advertisement Hide Ad Advertisement Hide Ad The situation is even more precarious in the US, where Claire's is reportedly considering bankruptcy protection to safeguard the future of its operations. Who's in the running to buy Claire's UK? Hilco isn't the only one in the frame. Private equity firms including Alteri Investors and Modella Capital — the latter fresh off acquiring WHSmith's high street division — are also reported to be circling. But whoever ends up taking the reins, the road ahead likely involves some painful decisions. Advertisement Hide Ad Advertisement Hide Ad Will Claire's Accessories stores close? Retail experts say store closures are all but inevitable, with one industry boss suggesting as many as 90 stores could be shuttered as part of a rescue strategy — putting hundreds of jobs at risk. If you rely on Claire's for quick, affordable accessories, birthday gifts, or a first-time ear piercing, your local store could soon disappear. With many of its outlets based in shopping centres and town centres, closures would mark another blow to already struggling high streets. But Hilco also has a reputation for turning around troubled brands — its involvement in HMV helped the music retailer survive a turbulent retail climate. Advertisement Hide Ad Advertisement Hide Ad A more streamlined Claire's could emerge, with fewer but better-performing stores and possibly more focus on e-commerce and experiential retail. Are you struggling to make ends meet as costs continue to rise? You can now send your stories to us online via YourWorld at It's free to use and, once checked, your story will appear on our website and, space allowing, in our newspapers.
Fashion Network
21-07-2025
- Business
- Fashion Network
Hilco likely to be among bidders for Claire's UK ops
Hilco Capital is one of the likely bidders eyeing a takeover of the UK operations of stricken budget jewellery and accessories business Claire's. That's according to Sky News, which has a strong track record on such stories. It said Hilco, which owns lakeland and is one of Superdry 's backers, is expected to be among the initial bidders for Claire's UK. The company was also recently a Poundland bidder although was ultimately unsuccessful with that acquisition target. As for Claire's, initial offers are expected to come in during the next few weeks, according to Sky's banking sources. Other prospective bidders are likely to be Alteri Investors and Modella Capital (whose most recent big-name purchase was WH Smith's high street chain). The American company has been struggling for some time and as part of the rescue process that could include a bankruptcy filing for the parent business, the UK ops are expected to be sold. That would mean a significant number of its 280 UK stores closing, perhaps a third of them. Claire's has around 2,000 stores globally.
Fashion Network
21-07-2025
- Business
- Fashion Network
Hilco likely to be among bidders for Claire's UK ops
Hilco Capital is one of the likely bidders eyeing a takeover of the UK operations of stricken budget jewellery and accessories business Claire's. That's according to Sky News, which has a strong track record on such stories. It said Hilco, which owns lakeland and is one of Superdry 's backers, is expected to be among the initial bidders for Claire's UK. The company was also recently a Poundland bidder although was ultimately unsuccessful with that acquisition target. As for Claire's, initial offers are expected to come in during the next few weeks, according to Sky's banking sources. Other prospective bidders are likely to be Alteri Investors and Modella Capital (whose most recent big-name purchase was WH Smith's high street chain). The American company has been struggling for some time and as part of the rescue process that could include a bankruptcy filing for the parent business, the UK ops are expected to be sold. That would mean a significant number of its 280 UK stores closing, perhaps a third of them. Claire's has around 2,000 stores globally.
