![\"Retail](\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\")
<\/a><\/p>\n<\/p>\n
![\"Clintons\"](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/Clintons_cards_shopfront_ST-1.jpg\" "\\"\\"\/")
<\/div>\nClintons is looking to close around a fifth of its stores in order to stave off insolvency.<\/p>\n
The card retailer has brought in restructuring advisers to work on a debt-for-equity swap as it faces \u201cacute financial distress\u201d.<\/p>\n
Part of the plans could see it close 38 stores. This is on top of the 156 shops it closed back in December 2019 as part of a pre-pack administration, when its previous owner, the Weiss family that owns US giant American Greetings, snapped it back up.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nDespite the stores closures, Clintons struggled to rebuild its finances, even after it cut costs and explored a merger with Paperchase in December 2022.<\/p>\n
The merger never got off the ground and Paperchase plunged into administration in January this year and its intellectual property and brand was then snapped up by Tesco.<\/p>\n
According to documents seen by The Times, Clintons\u2019 store closure plan has been designed to \u201cavoid insolvency and be rescued as a going concern\u201d and that the retailer \u201cwill have no option but to commence formal insolvency proceedings\u201d if it does not secure a deal.<\/p>\n
The news comes after budget retailer Wilko has found itself on the brink of collapse, putting 12,000 jobs at risk.<\/p>\n
The business, which trades from 400 stores, is one of the biggest privately owned retailers in Britain.<\/p>\n
Despite the stores closures, Clintons struggled to rebuild its finances, even after it cut costs and explored a merger with Paperchase in December 2022.<\/p>\n
The merger never got off the ground and Paperchase plunged into administration in January this year and its intellectual property and brand was then snapped up by Tesco.<\/p>\n
According to documents seen by The Times, Clintons\u2019 store closure plan has been designed to \u201cavoid insolvency and be rescued as a going concern\u201d and that the retailer \u201cwill have no option but to commence formal insolvency proceedings\u201d if it does not secure a deal.<\/p>\n
The news comes after budget retailer Wilko has found itself on the brink of collapse, putting 12,000 jobs at risk.<\/p>\n
The business, which trades from 400 stores, is one of the biggest privately owned retailers in Britain.<\/p>\n