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.
