Weeks after hiring the financial services company Interpath as a restructuring advisor to salvage its UK operations, tween accessory manufacturer Claire’s has said it will appoint the company as an administrator in the UK and Ireland. 

Interpath had been looking for a European buyer for the troubled business, but prospective bidders reportedly backed out the running. With the latest move, the company’s stores will remain open, but it will no longer be issuing refunds or accepting online orders.

This comes days after the company filed for Chapter 11 bankruptcy in the US for a second time in seven years. Saddled with US$690 million in debt in the US alone, the retailer is struggling to find a buyer that can take on its liabilities and restructure the company back into the black. 

The retailer has been struggling for years amid competition from online competitors and fast fashion, as consumers drift away from brick-and-mortar stores.

If Claire’s shutters, it would deal a critical blow to brand owners who have used the retailer as a vehicle to enter their IPs into the jewelry and accessories product categories. Several high-profile brands have launched product collections with the company since its founding in 1961, including the likes of Barbie, Hello Kitty, Pokémon, Disney Princesses and Squishmallows. 

Here are some of the major events that have led Claire’s to this point:

March 19, 2018: Claire’s files for Chapter 11 bankruptcy in the US, hoping to shed US$1.9 billion in debt and close its unprofitable stores. It is later acquired by its top debtholders, Elliott Management and Monarch Alternative Capital. 

September 30, 2021: Now on the mend, the jewelry retailer files for an initial public offering (IPO) after experiencing a 53% sales boost to US$1.4 billion. Its new strategy involves shuttering unprofitable storefronts and replacing them with kiosks in major retailers. 

June 30, 2023: Claire’s withdraws its IPO plans in an SEC filing, citing poor market conditions and focusing on new initiatives. 

June 18, 2024: CEO Ryan Vero steps down from his role after five years, succeeded by interim CEO Chris Cramer. 

July 9, 2025: Bloomberg reports that the retailer is exploring the potential sale of both its North American and European businesses as the potential for bankruptcy looms. 

July 14, 2025: Claire’s recruits London-based finance services company Interpath as a restructuring advisor for its 281 UK stores. The company reveals it has an outstanding loan of more than US$478.5 million that must be repaid in full by the end of next year. 

August 4, 2025: It is reported that Claire’s skipped rent payments on some US stores in June and July. 

August 7, 2025: Claire’s files for Chapter 11 bankruptcy in the US a second time, listing in court documents that it has assets and liabilities between US$1 billion and US$10 billion. The company closes an initial batch of 18 unprofitable stores, with plans to keep the others operating during proceedings. 

August 8, 2025: The retailer files for creditor protection in Canada. 

August 13, 2025: Claire’s appoints Interpath as an administrator in the UK and Ireland. It stops issuing refunds and will no longer accept online orders.