Clintons is looking to close around a fifth of its stores in order to stave off insolvency.
The card retailer has brought in restructuring advisers to work on a debt-for-equity swap as it faces “acute financial distress”.
Part of the plans could see it close 38 stores. This is on top of the 156 shops it closed back in December 2019 as part of a pre-pack administration, when its previous owner, the Weiss family that owns US giant American Greetings, snapped it back up.
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Despite the stores closures, Clintons struggled to rebuild its finances, even after it cut costs and explored a merger with Paperchase in December 2022.
According to documents seen by The Times, Clintons’ store closure plan has been designed to “avoid insolvency and be rescued as a going concern” and that the retailer “will have no option but to commence formal insolvency proceedings” if it does not secure a deal.
The news comes after budget retailer Wilko has found itself on the brink of collapse, putting 12,000 jobs at risk.
The business, which trades from 400 stores, is one of the biggest privately owned retailers in Britain.