Clintons saved from administration
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Clintons has been saved from administration after the Weiss family regained control of the business through a new entity.
Will Wright and Steve Absolom from KPMG, who were appointed joint administrators, sold the brand and its assets to Esquire Retail Limited – a holding company for the Weiss family. The Weiss family, hold a 40% share in American Greetings who acquired Clintons back in 2012.
The move is expected to save around 2,500 jobs at the card and gift retailer and allows for the company to keep its 334 stores open.
CEO Eddie Shepherd told the BBC: “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.”
He added: “We are confident that this deal will kickstart a new chapter for our business.”
It comes after Clintons revealed in November that it was looking to close 66 of its 332 stores and also sought rent from 206 sites to be linked to each of its stores performance. It was also thought that the restructuring would involve a Company Voluntary Agreement (CVA).
The development came days after Mothercare and Mamas and Papas collapsed into administration, with store closures taking place.
