Clintons to close 38 stores as its saves off collapse

Clintons is to close 38 stores after an insolvency court approved a restructuring plan to prevent the collapse of the greeting cards retailer.

According to a report by the Evening Standard, the landlords and local councils for the unprofitable shops will only receive 8.6 pence for every pound owed by Clintons. The retailer will also be saved from paying full business rates and rent on the shops set to close.

The plan was put forward by restructuring specialist FRP Advisory and law firm Jones Day.

Meanwhile, Clintons’ owners Jeff and Zev Weiss, who are also its main creditor, have agreed to provide a revolving loan facility that should be enough to keep the retailer afloat for the next 12 months.

Jeff and Zev Weiss acquired Clintons out of administration in 2019.

RELATED ARTICLES

• Clintons to re-open at Eldon Square with new concept store
• Clintons opens first UK outlet store since new ownership
• Clintons considers closing 38 stores
• Clintons to sell alcoholic drinks as part of plans to improve online offering
• Clintons sold out of administration
• New Look Poland files for insolvency
• Insight: one in four UK companies impacted by another company’s insolvency