In an effort to salvage its financial stability, the renowned greeting cards retailer Clintons has announced plans to shut down approximately 20% of its shops. Reports suggest that if a suitable deal cannot be reached, the company may face insolvency, marking the third time in just 11 years that Clintons has encountered severe financial difficulties. The retailer was previously rescued from administration in 2012 and 2019, but its current situation remains precarious.
Clintons, which currently operates 179 shops and employs around 1,400 people, has appointed restructuring experts FRP Advisory. However, both Clintons and FRP Advisory have declined to comment on the situation.
