º£½ÇÊÓƵ

Administrators of high street chain Claire's Accessories have struck a rescue deal for most of the company's business and assets.

A total of 156 stores run by the º£½ÇÊÓƵ and Irish arm of the Birmingham-based jewellery and accessories retailer have been acquired by investor Modella Capital.

The deal, which has saved around 1,000 jobs, comes after its US parent company Claire's Holdings commenced Chapter 11 proceedings, leading to the º£½ÇÊÓƵ division going into administration on August 13.

Natasha Harbinson is the managing director of administrator Interpath which has also led the sales process.

She said: "Following an agreement between Modella Capital and Ames Watson in the US in relation to the Claire's brand, we are pleased to confirm a sale of the majority of Claire's º£½ÇÊÓƵ business and assets which will ensure this popular brand will continue to trade on high streets up and down the º£½ÇÊÓƵ.

"In addition, we are also pleased to have secured a sale of the Claire's business in Switzerland. Discussions with other interested parties continue in relation to the Claire's entities in France, Italy and Poland."

A total of 145 Claire's Accessories stores are not included as part of this new transaction.

These will remain open and continue to trade while the joint administrators assess options for them.

Will Wright, Interpath's º£½ÇÊÓƵ chief executive and joint administrator, added: "We'd like to express our sincere thanks to the thousands of Claire's dedicated employees, as well as suppliers and other key stakeholders, who have supported us throughout the administration process.

"Our intention is to continue to trade the remaining portfolio of stores for as long as we can while we explore the options available."

Earlier this year, London-based Modella Capital acquired º£½ÇÊÓƵ high street stalwart WH Smith and last year bought out Hobbycraft which sells arts and crafts.