ICSM Insolvency Business News in Brief: A round up of the latest casualties in retail

By Harry Mottram: Some of the most high-profile names in the High Street have hit the buffers this year. Anyone with a young teenage daughter will have had the experience of spending time in a Claire’s accessories store filled with earrings, necklaces and first make-up sets. The chain of 280 UK stores which are part of a wider international set of shops is owned by a group of mainly USA firms, including investment giant Elliott Management. With debts mounting the company has filed for bankruptcy in the US putting in jeopardy thousands of jobs and stores – and giving their suppliers and lenders sleepless nights.

Retail

This year Poundland, Homebase and New Look have hit financial black holes while Morrisons are busy shedding stores and cafes while WH Smith has been sold off to Modella Capital, the owner of Hobbycraft, for £76 million who will rebrand the stationery chain as TG Jones. WH Smith will continue as a familiar store at airports – which is where the chain has been successful in recent times.

In June Herbert Retail Limited, a Suffolk-based provider of hardware and software retail solutions, fell into administration with Rajnesh Mittal and Arvindar Singh of FRP Advisory appointed as joint administrators. It’s liabilities are thought to be around £4.5 million. Also in June Homes Direct 365 Limited in County Durham, fell into administration in late May, with Steve Kenny and Richard Cole of KBL Advisory appointed as joint administrators for the furniture store.

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