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Clintons could reportedly be set to close around a fifth of its stores in order to keep the company solvent.
According to reports, first revealed by The Times, the retailer has appointed restructuring experts FRP Advisory to help oversee a possible debt-for-equity swap.
The outlet also revealed that as part of the plans around 38 stores could be closed.
Clintons currently has a portfolio of 179 stores and employs over 1,400 people. It would also mark the third time since 2012 that the retailer has faced financial difficulty.
Clintons was acquired out of administration in 2019 after the Weiss family regained control of the business through a new entity.
The news comes as its rival Card Factory announced that it expects its profits for the year to be “materially ahead of its previous expectations” after a positive start to the year.
Trading in the six months ended 31 July 2023 was materially ahead of the board’s expectations.
The company posted profit before tax of £52.4m for the year ended 31 January 2023 with revenues of £463.4m.
Clintons has been contacted for comment.
