{"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":"2019-12-04T20:21:23","modified_gmt":"2019-12-04T17:21:23","slug":"clintons-card-chain-secures-rescue-deal-to-safeguard","status":"publish","type":"post","link":"http:\/\/wardoon.net\/so\/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

\n
\n
\"Around<\/div>\n

\"Around<\/p>\n<\/div>\n

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":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[23],"tags":[],"class_list":["post-139211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\nClintons card chain secures rescue deal to safeguard... - Wardoon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/wardoon.net\/so\/clintons-card-chain-secures-rescue-deal-to-safeguard\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clintons card chain secures rescue deal to safeguard... - Wardoon\" \/>\n<meta property=\"og:description\" content=\"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. 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