Clinton cards planning to close 38 shops to avoid insolvency

According to various reports Clinton cards are planning to close 38 shops in an attempt to prevent the company going insolvent.

FRP Advisory are understood to have been appointed and the restructuring experts will advise the high street retailer on how to move forwards with their plans.

Clinton’s are looking to do a deal which could see the company swap debt for equity and this will see around a fifth of their stores close, The Times reported.

Earlier this year The Times reported that Clinton’s had considered a merger with Paperchase, but Tesco had bought the firm’s brand and intellectual property and in January Paperchase went into administration.

The restricting plan is being proposed to creditors according to documents seen, which says, Clintons “will have no option but to commence formal insolvency proceedings” if the company fails to secure a deal.