Business
Claire’s and The Original Factory Shop collapse into administration
High street chains Claire’s and The Original Factory Shop (TOFS) are being put into administration, putting about 2,500 UK staff at risk of redundancy.
The two retailers had already undergone restructuring and were bought by investment firm Modella Capital last year.
Modella said it had made the “tough decision” to kickstart insolvency proceedings for the businesses after “last-ditch” measures had fallen through.
The 1,355 employees in the UK and Ireland at 154 Claire’s shops will be put at risk, and 1,220 staff across 140 TOFS stores.
Court records show that a notice of intention to appoint an administrator was filed in relation to both chains on Monday afternoon.
“We have worked intensively in an effort to save both businesses, having made last-ditch attempts to rescue them, but neither has a realistic possibility of trading profitably again,” a spokesperson for the company said.
“In these circumstances, administration is the only option.
“In both cases, the legacy effects of trading prior to our ownership left them highly vulnerable.”
Modella said tough retail conditions, including those from government policies, were causing British businesses to “suffer”.
“The climate on the high street remains extremely challenging, and TOFS and Claire’s are not alone in experiencing difficulties,” the firm said.
“A combination of very weak consumer confidence, highly adverse government fiscal policies, and continued cost inflation, is causing many established and much-loved businesses to suffer badly.
“It’s a simple fact that if retailers can’t make money, they risk having to close, and jobs across the country are lost.”
Modella bought more than 150 Claire’s shops last year, but 145 were not included in the deal, leading to their closure.
The fashion accessories chain had appointed administrators for its UK and Ireland business after filing for bankruptcy in the US.
TOFS, a discount department store chain, was sold to the investment firm in February.
Modella has become a significant force in the British retail industry, having bought WH Smith’s high street chain last year and taking over arts and crafts retailer Hobbycraft in 2024.
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Asian stocks today: Markets trade in green after US SC’s blow to Trump’s tariffs; HSI jumps over 2% – The Times of India
Asian markets inched higher on Monday after the US Supreme Court invalidated a major part of President Donald Trump’s tariff framework, a policy that had shaken the global economy since last year. Hong Kong’s HSI climbed more than 2% or 579 points reaching 26,992 with ecommerce heavyweights Alibaba and JD.com each jumping over three percent. Seoul also scaled a fresh record high to 5,816, buoyed by strong gains in chipmakers Samsung Electronics and SK hynix.Markets in Singapore, Wellington, Taipei and Manila also ended in positive territory, while Sydney slipped. Meanwhile, trading in Tokyo and Shanghai was shut due to holidays.The gains across the region were driven primarily by technology stocks. These companies have powered much of Asia’s market strength this year as investors increasingly shift funds away from Wall Street in search of relatively cheaper valuations. Trump’s trade strategy suffered a significant legal setback on Friday when the nation’s highest court ruled that the International Emergency Economic Powers Act, which the White House relied on in April to introduce broad tariffs, “does not authorise the president to impose tariffs”. In response, the president pledged to introduce a fresh global tariff of 10% using another legal route, which by Saturday, he had increased to 15%. The latest developments have injected a new layer of uncertainty into the trade outlook. There are now also demands for authorities to return funds collected under the earlier tariff scheme, while analysts caution that the administration could still look for alternative mechanisms to enforce duties.The court’s decision has also affected the outlook for trade agreements negotiated by Washington. Even so, investors in Asia largely welcomed the ruling, which is widely viewed as supportive for China and India. Technology counters emerged as the biggest winners.In currency markets, the dollar came under pressure, falling sharply against the yen, pound and euro. Meanwhile, oil prices declined by more than one percent on optimism surrounding a potential Iran nuclear deal.
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