Money

Clintons rescued from closure as it’s sold back to previous owners saving 2,500 jobs


GREETINGS card chain Clintons has been sold back to its existing owners in a rescue deal that safeguards 2,500 jobs.

The move will also see the firm’s 334 stores continue to trade as normal, administrator KPMG has announced today.

It follows speculation over the firm’s future with it announcing only last month that it urgently needed to close 66 of its 332 sites to avoid collapse.

The chain also wanted landlords to slash rent prices on remaining shops, moving 206 shops to a model where rent payments are linked to the store’s performance.

This would mean Clintons would only pay full rent on 60 remaining shops.

More to follow…

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