Clintons sold out of administration
Greetings card retailer Clintons has been sold out of administration.
The move has saved all of the retailer’s 2,500 jobs and will enable its 334 UK stores to remain open.
Will Wright and Steve Absolom from KPMG’s restructuring practice were appointed as joint administrators to the business on 4 December. The company was then immediately sold to Esquire Retail which is a new firm set up by Clintons’ current owners, the Weiss family.
Founded in 1968, Clintons has been struggling against mounting cash flow pressures and difficult high street trading conditions.
Eddie Shepherd, chief executive of Clintons, said the company had no other option but to place the business into administration after failing secure the requisite support for a company voluntary arrangement.
He added: “We are pleased to have been able to secure the future of the Clintons business, protecting all of our talented 2,500-strong workforce and ensuring continuation of trade across all of our UK store network at what is a crucial time of the year for the business. We are confident that this deal will kickstart a new chapter for our business.”
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