Clintons close to saving 2,500 jobs - Sky News

Greetings card retailer Clintons is on the cusp of announcing a restructuring programme that could preserve 2,500 permanent jobs, according to a report from Sky News.

The report claims that the high-street stalwart is close to securing a pre-pack administration that would see it sold back to its existing owner, which would allow its 334 shops to remain open during the busy festive trading period.

The business is owned by the Weiss family, who have set up a new company, Esquire Retail, as part of a strategy to rescue Clintons.

The pre-pack administration administration will reportedly lead to further negotiations with landlords in the new year, as the company continues to struggle with property costs.

The report also added that a notice of intention appointing KPMG as administrators had been filed on Wednesday morning.

Around 70 of the chain's loss-making stores have been closed over the last five years, while recent months have seen the business exploring the option of a sale and discussing the possibility of a company voluntary arrangement with landlords.

According to a Sunday Telegraph article from 9 November, Clintons had told landlords that 90 of its shops were operating at a loss and that its sales were expected to worsen further.