Claire’s Accessories is to close its Strand Street store in Douglas after the company entered administration.

The retailer, which has been a fixture on the high street for many years, is shutting as part of a wider restructuring affecting 145 UK and Ireland branches not included in a rescue deal.

The move follows Claire’s UK and Ireland business entering administration amid financial pressures including rising costs, mounting debts and declining footfall. The company has also faced increased competition from fast-fashion retailers and a continuing shift toward online shopping.

Administrators said the business had been struggling to meet its financial obligations, leading to the decision to close a number of stores.

In recent days, the Douglas shop has launched a closing-down sale, with posters in the windows advertising discounts of 20% and signs reading ‘Everything must go’ and ‘Store closing down’.