(Reuters) -Hobbycraft-owner Modella Capital will buy most of U.S.-based Claire’s UK and Irish operations, administrators of the struggling jewellery chain said on Monday.
Investment firm Modella will buy 156 Claire’s stores from its administrator Interpath Advisory for an undisclosed amount, preserving about 1,000 jobs.
The administrators will continue to operate the remaining 145 stores while continuing to assess options for them, Interpath said.
Founded in 1961 in the U.S., Claire’s is known for its trend-led accessories and as a destination for ear-piercing.
Its U.S. operations were bought out of bankruptcy by private equity firm Ames Watson for $140 million earlier this month.
(Reporting by Prerna Bedi in Bengaluru; Editing by Subhranshu Sahu and Shilpi Majumdar)
