Card retailer Clintons strikes deal to ensure it doesn't collapse before Christmas
CARD retailer Clintons has struck a deal to prevent the firm from collapsing before Christmas.
According to administrators KPMG, the firm has been sold out of administration to Esquire Retail Limited.
Clinton’s 334 stores, including one in Portsmouth and Southsea, will continue to trade, with its 2,500 jobs secure.
Founded in 1968, the shop, which was previously known as Clinton Cards, had grown to become one of the most familiar names on the UK high street with its wide range of greeting cards and gift products.
However, it had faced mounting cash flow pressures in the face of challenging high street trading conditions.
The deal means that the firm has effectively bought itself out of administration, however it is not known if the move will secure its long-term future.
Eddie Shepherd, chief executive of Clintons, said: ‘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.
‘Like so many of our fellow high street retailers, we have worked tirelessly to contend with the maelstrom of issues impacting the sector, from business rates pressures, to fragile consumer confidence and the lack of clarity around the taxation of online retail businesses.
‘We are confident that this deal will kickstart a new chapter for our business.’
Will Wright, partner at KPMG and joint administrator, said: ‘Clintons has been a fixture on the British high street for over 50 years, so it is pleasing to have been able to secure this agreement which will see it continue to trade.’