Half of Claire’s stores in UK and Ireland to be rescued by private equity firm

Modella Capital warns of inevitable' closures and job losses at accessories chain while administrators will run remaining stores

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The private equity firm which owns Hobbycraft has signed a deal to rescue half of the UK and Irish stores of the accessories chain Claire's but warned some job losses and shop closures were inevitable".

Modella Capital said it had bought 156 Claire's stores in the UK and Ireland from administrators, securing the immediate future of 1,000 employees, in the hope that it will be able to rescue this well-known and highly regarded brand".