A well-known accessory brand, Claire has decided to close down some of its stores in UK. The company has already started consulting some restructuring organizations about the options they have to gain back their profitable position in the market.
At present this brand has 370 retail stores in Britain. The company has decided to close down few of these stores due to their under- performance. This has been stated by one of the spokespersons of the company. He has also informed that this is a standard process of any business and Claire is not an exception.
As per the Press Association, the company has also thought of closing down some of the stores and reducing the rent of the other stores as part of the Company Voluntary Arrangement (CVA). All these exercises have the target of saving the whole company from being shut down.
When the company chief executive Ron Marshall was asked about his comments on the plan, he informed that Claire’s has no such plan to get into a CVA or close down the major stores in UK. He also informed whichever store they decide to close will be a part of their standard business plan and not because they want to reduce the costs. Kate Ormrod, one of the researchers at Global Data has different facts to inform. As per her opinion, the store closures were forecasted as Claire’s has not been able to retain their market. Its competitors, like Primark and New Look have built exclusive products and innovative designs for children within the age of 8 to 12 and for the ones in their early teens. Claire’s have failed to do this.
Maplin and Toys R Us have already been completed to shut down as they were not able to keep up with the changing trends of the High Street fashion.
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