{"id":139211,"date":"2019-12-04T20:21:23","date_gmt":"2019-12-04T17:21:23","guid":{"rendered":"https:\/\/www.dailymail.co.uk\/news\/article-7756199\/Clintons-card-chain-secures-rescue-deal-safeguard-2-500-jobs.html?ns_mchannel=rss&ito=1490&ns_campaign=1490"},"modified":"2022-08-09T01:04:10","modified_gmt":"2022-08-08T22:04:10","slug":"clintons-card-chain-secures-rescue-deal-to-safeguard","status":"publish","type":"post","link":"http:\/\/wardoon.net\/en\/clintons-card-chain-secures-rescue-deal-to-safeguard\/","title":{"rendered":"Clintons card chain secures rescue deal to safeguard…"},"content":{"rendered":"

Clintons Cards has been saved from closure in a last-ditch rescue deal which secures the jobs of 2,500 staff who were bracing for a miserable Christmas unemployed.<\/p>\n

Suffering a squeeze from online shopping, the high street retailer’s finances have been flagging and threatened to sink the store entirely.<\/p>\n

But the high street retailer went into administration and then was immediately sold to Esquire Retail \u2013 a new firm set up and controlled by the Weiss family, which has owned Clintons for seven years.<\/p>\n

Administrators KPMG said the so-called pre-pack administration will safeguard all Clintons’ 2,500 employees and ensure its 334 stores can continue to trade throughout the crucial Christmas season.<\/p>\n

It comes after Clintons has faced mounting cash flow pressures in the face of challenging high street trading conditions, according to KPMG.<\/p>\n

The deal also marks the second time Clintons has gone into administration in seven years.<\/p>\n

Owners the Weiss family had been looking for an exit with a possible sale of Clintons, but the chain had also been holding talks with landlords over a possible company voluntary arrangement (CVA) to shut stores and slash rents.<\/p>\n

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Around 2,500 jobs have been secured at Clintons after the greetings card chain was sold back to its existing owners as part of a rescue deal<\/p>\n<\/div>\n

Eddie Shepherd, chief executive of Clintons, said: ‘Despite receiving support from a number of landlords, we were unfortunately unable to secure the requisite support needed to successfully launch our proposals.<\/p>\n

‘With no other investment options available, we therefore had to take the difficult step to place the company into administration.’<\/p>\n

He added: ‘We are confident that this deal will kickstart a new chapter for our business.’<\/p>\n","protected":false},"excerpt":{"rendered":"

Clintons Cards has been saved from closure in a last-ditch rescue deal which secures the jobs of 2,500 staff who were bracing for a miserable Christmas unemployed. Suffering a squeeze from online shopping, the high street retailer’s finances have been flagging and threatened to sink the store entirely. But the high street retailer went into […]<\/p>\n","protected":false},"author":1,"featured_media":139212,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10221280388112155_325455220908133":"","twitter_917774835383787521_917774835383787521":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/posts\/139211"}],"collection":[{"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/comments?post=139211"}],"version-history":[{"count":1,"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/posts\/139211\/revisions"}],"predecessor-version":[{"id":181869,"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/posts\/139211\/revisions\/181869"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/media\/139212"}],"wp:attachment":[{"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/media?parent=139211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/categories?post=139211"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/wardoon.net\/en\/wp-json\/wp\/v2\/tags?post=139211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}