Clintons considers closing 38 stores
Greeting cards retailer Clintons is planning to close around a fifth of its stores to help keep it afloat.
It is also understood that the company has appointed restructuring experts FRP Advisory.
According to a report by The Times, the company wants to close 38 of its 179 stores and may also swap debt for equity as it looks to avoid insolvency. Clintons employs 1,400 people.
Clintons entered administration in 2019 after struggling against mounting cash flow pressures. The chain was immediately sold to Esquire Retail, which was a new firm set up by Clintons’ owners at the time, the US-based Weiss family.
The retailer also filed for administration in 2012 when it was rescued by American Greetings, a supplier owned by the Weiss family.
At the height of its success, Clintons operated nearly 800 stores and employed 8,000 people.
