Published: 6th December 2019
Around 2,500 jobs look to have been saved after a deal was struck to keep the cards company Clintons from financial collapse.
The deal will see the greetings card retailer sold back to its current owners in a way that allows it to continue operating in the run up to Christmas and potentially beyond.
There are 334 Clintons stores across the UK but the business has been struggling for profitability in recent quarters.
Hopes are that the rescue deal secured in recent days will provide a boost heading into what tends to be a “crucial” Christmas trading period for the cards company.
“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,” said Clintons’ boss Eddie Shepherd.
“We are confident that this deal will kickstart a new chapter for our business,” he added.
Efforts were made in recent weeks to find a potential new buyer for Clintons but no viable options could be found.