It’s something of an unwelcome tradition that the New Year usually brings with it news of weakened retailers being on the verge of collapse. And it hasn’t taken too many days for 2026’s potential casualties to become known.
Claire’s
On Monday evening, Sky News reported that discounter The Original Factory Shop (TOFS) and Claire’s UK and Ireland were at risk, the report coming only a few months after Claire’s was rescued. Within hours, the BBC had reported that the chains would definitely go into administration
The news also comes the week after LK Bennett was said to be on the brink as well and hunting a last-minute buyer to rescue it.
The two retailers at the centre of Monday’s stories are both major names in the UK and between them employ around 2,500 people.
Sky said the two chains “are understood to be filing notices of intention to appoint administrators” to gain temporary protection from creditors. The BBC said the intention had been confirmed by their owner.
With around 300 stores between them, the struggling businesses are both owned by investment firm Modella Capital and had both already been through major restructurings last year.
Modella acquired TOFS in the spring and the Claire’s UK and Ireland business only in September.
So why are they still struggling? The news reports blamed tax increases and “demands from landlords to take back swathes of Claires’ and TOFS’ shops”, as well as very poor Christmas trading for the latest development with the external pressures having “rendered the future of both chains in their current forms unviable”.
Sky added that Interpath Advisory, which ran TOFS’ CVA last year, is expected to handle the chain’s administration with Kroll doing the same for Claire’s.
It’s believed that the administrators will continue operating the two businesses while buyers are sought.
Modella had carved out a niche as one of the key buyers of distressed businesses in the UK and also owns Hobbycraft and WH Smith’s high street business (now renamed TG Jones).
But it may have bitten off more than it could chew with the TOFS and Claire’s purchases as these businesses both had very specific issues that created extra complications. Sky said for TOFS, a “shift to a new third-party logistics provider is thought to have contributed to its challenges following last year’s deal”.
Meanwhile the largest concession partner of Claire’s had decided to end its link after Modella took over.
Alo announced on Saturday the appointment of Benedetta Petruzzo to the role of chief executive of its international operations.
Bernadetta Petruzzo – Courtesy
In her new role, Petruzzo will manage the Los Angeles-based activewear brand’s global operations, focusing on client experience, market strategy and brand identity, as well as its wellness category, according to the company.
A luxury veteran, Petruzzo joins Alo from luxury heavyweight Dior, where she served as managing director. Prior to that, the executive was the CEO of Prada-owned Miu Miu. Earlier in her career, Petruzzo spent five years at Kering Eyewear, operating in various leadership roles, after a five-year stint at consultancy firm, Bain & Co.
Hollywood’s top stars hit the red carpet on Sunday for the Golden Globes, the first major event on the road to the Oscars, and they delivered lots of old-school glamour.
Ariana Grande – AFP
Here is a glance at some of the looks seen at the Beverly Hilton Hotel:
Ever-chic black
Selena Gomez is a newlywed and her happiness shows. The best comedy actress nominee for her work on “Only Murders in the Building” radiated joy as she arrived on the arm of her husband Benny Blanco.
She oozed sophistication in a black Chanel column gown with a frothy white feathered strapless neckline, her black bob swept into soft waves.
Gomez was not alone in striking an understated pose, with lots of stars opting for black or dark, wintry hues.
Teyana Taylor, a winner for her searing turn as a leftist revolutionary in hotly-tipped film “One Battle After Another,” scorched the carpet in a cut-out backless black Schiaparelli gown with a halter neckline — and a cheeky crystal bow on her backside.
Ariana Grande (“Wicked: For Good”), who competed with Taylor for the award for best supporting actress, turned heads in a black textured Vivienne Westwood ballgown with an asymmetrical neckline and a bubble silhouette before trailing to the floor.
Her hair was swept into her signature ponytail, and she kept the jewelry simple with a diamond choker.
Amy Madigan, also in their category for her villainous turn in “Weapons,” went for a tuxedo look with cropped pants and patent leather boots.
Nominee Jenna Ortega embraced the goth chic of her title character in “Wednesday” in a black high-neck Dilara Findikoglu gown with glittering epaulets and cut-offs that revealed a bit of side boob… and part of her hip bone.
Among the male stars in attendance, Colman Domingo was as usual a standout, wearing head-to-toe black Valentino, with silvery appliques scattered from his left shoulder down his lapel to his waist.
Jennifer Lopez is no stranger to strong fashion statements. Her plunging green Versace gown at the Grammys in 2000 is still a reference for winning the red carpet by adopting the “less is more” rule.
On Sunday, Lopez — whose turn in “Kiss of the Spider Woman” was overlooked by Globes voters — wore a figure-hugging sheer gown with bronze patterns snaking over her body, ending in a mermaid fishtail.
Jennifer Lawrence –nominated for best drama actress in a film for “Die My Love” — got the memo as well, rocking a barely-there sheer nude Givenchy gown with only a smattering of strategically placed flowers.
Stars slam deadly ICE shooting
Hollywood never quite has a night out without a bit of politics coming into play.
On Sunday, some of the stars including nominee Mark Ruffalo wore pins with the messages “BE GOOD” — a reference to Renee Good, the Minneapolis woman who was shot and killed by a federal immigration agent.
Comedian WandaSykes wore the same pin on her lapel, while actress Natasha Lyonne, a nominee for her TV show “Poker Face,” attached one to her clutch handbag.
The campaign is endorsed by the American Civil Liberties Union (ACLU), one of the country’s most prominent civil rights organizations.By Frederic J. Brown with Susan Stumme in Washington
L.L. Bean announced on Friday the promotion of company veteran Greg Elder to the role of president and chief executive officer.
Greg Elder – Courtesy
Elder succeeds Stephen Smith, who will depart the American heritage apparel company after ten years as CEO.
Elder will transition into his new role as CEO during the first quarter, with Smith continuing to serve on the board as an adviser until March.
Joining L.L. Bean in 2007, Elder has held several leadership positions at the company, including chief retail officer, his most recent post.
Prior to that, he held leadership roles at Eddie Bauer and Dayton Hudson Corporation, now known as Target. Elder is also a member of the Retail Industry Leaders Association.
“We were deliberate in finding a leader who will continue to honor our brand heritage while positioning us for the next era of growth,” Shawn Gorman, chairman of the board of L.L. Bean said in a statement. “Greg rose to the top because of his deep respect for our history, incredible knowledge of our business, strong track record of results and clear vision for the future.”
Elder will be the Freeport, Maine-based company’s fifth CEO in its 114-year history.
“What makes L.L.Bean truly special is its people and purpose. I’m proud to take on this responsibility alongside such a committed and talented team, and I’m grateful for the trust of the Bean family and our board as we begin this next chapter together,” said Elder.
“I’m also thankful for the past 10 years of leadership and friendship from Stephen Smith, who has led the company with heart and conviction through some particularly challenging seasons.
“This brand has been part of my life for many years, and it has deep personal meaning for me to accept this role. Our heritage, our connection to the outdoors and our culture of service and craftsmanship are powerful foundations. At the same time, we have an opportunity and a responsibility to keep evolving: to sharpen our product focus, deepen our connection with customers and ensure L.L.Bean remains relevant and inspiring for the next generation.”
Politics8 years ago