The Paris Economic Activity Court on Friday validated two partial takeover bids for the Claire’s brand in France, which was placed in receivership at the end of July, lawyers representing staff said on Monday.
About 450 of the 830 employees will be taken over by the two companies, most by costume jeweler June, which has acquired the exploitation of the Claire brand for ten years, and about thirty employees by Spanish phone case seller La Casa de las Carcasas, lawyers detailed.
Employment protection plans (PSE) have been opened for employees not affected by the recovery, and most of them will be laid off.
One hundred stores were destined to close
June will also take over about 140 of Claire’s’ approximately 240 points of sale, and the existing La Casa de las Carcasas 3 stores, to sell its phone accessories. Among the stores that were not taken over, several Claire’s stores have closed their doors permanently.
In late July, the court opened a judicial reinstatement procedure for Claire’s France, a brand known for its trinkets, piercings and other accessories aimed at teenagers.
“The first recovery plan in early September was very low” in terms of saving jobs, reports Maître Ève Ouanson. “Today’s people, who have the benefit of saving half the jobs, are the lesser evil. »
The group is experiencing difficulties in the United States and Spain
Management justified the acceptance procedure by a steady decline in store sales for several years, accelerated by American tariffs on Chinese products, which Claire’s uses on a large scale.
However, according to the latest published reports, Claire’s France has generated a net profit of 1.3 million euros between the end of 2023 and the end of 2024, and 0.8 million euros in the previous financial year.
The Claire’s brand isn’t just experiencing difficulties in France: its US parent company declared bankruptcy in August before being taken over by an investment fund. Claire’s’ Spanish subsidiary also declared bankruptcy in September.
Staff representatives reported to the court in early September what they described as “serious irregularities in the company’s management”, accusing the American parent company of having “emptied cash” through “financial flows” between the group’s many subsidiaries. “There is always a lack of clarity in this flow,” said Me Khaled Meziani, who is also the staff representative’s attorney.
