Major card chain could close dozens more stores to avoid collapse – is one on your local high street?
A MAJOR card chain could close dozens more of its stores as it attempts to avoid collapse.
Clintons has brought in advisers to put a plan in place to save it from insolvency, The Times reports.
It comes after the retailer closed a string of stores earlier this year, including ones in Cumbria and Bolton.
But the retailer could now close up to 38 of its 225 of its UK as it tries to stay afloat.
Clintons had been exploring a merger with Paperchase, but this failed after Paperchase itself collapsed into administration earlier this year.
All of its stores closed while supermarket Tesco stepped up to buy the rights to the brand.
The Sun has contacted Clintons for comment.
Clintons was founded in 1968 but it has struggled in recent years due in part to high business rates and a change in people’s shopping habits with people moving online.
The retailer has also struggled to compete with rivals on the high street and online.
Card Factory is its biggest high street rival, as well as online players Moonpig and Funky Pigeon.
Speculation had been raised over the firm’s future when it announced back in 2019 that it urgently needed to close 66 of its sites to avoid collapse.
The firm resolved its woes by entering into what’s known as a “pre-pack administration” back in December 2019.
Clintons brand and its assets – its shops, staff and website – were sold to a new company called Esquire Retail Limited.
The move involved hundreds of job losses and store closures.
At its peak before administration, the retailer had 2,500 staff working across 335 shops.
It comes just a day after bargain retailer Wilko filed a notice of intent to appoint administrators, putting all of its 400 stores at risk of closing.
Retailers have been feeling the pinch since the pandemic and as shoppers cut back on spending due to soaring inflation.
Nearly 15,000 jobs have been axed since the start of the year as dozens of retailers collapsed or were restructured.
If you want to know how your local high street is affected, you can check out our handy guide to all the shops closing down in August.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.