Clintons is looking at plans to close 38 stores in a bid to avoid insolvency, according to reports.
The high street retailer has appointed restructuring experts from FRP Advisory.
The company is looking at a move that could see it swap its debt for equity and close around a fifth of its 179 shops, the Times reports.
According to the publication, the business had considered a merger deal with rival Paperchase earlier this year.
Clintons is reportedly looking at plans to close 38 stores
PA
Tesco bought Paperchase's brand and intellectual property in January, after the stationary brand entered administration.
Its stores later closed for good.
The reports quoted documents over the restructuring plan being proposed to creditors, which said Clintons “will have no option but to commence formal insolvency proceedings” if it does not secure a deal.
Clintons and FRP have been contacted for comment.
Clintons closed some of its stores earlier this year, with its shop in Whitehaven, Cumbria and Bolton’s Market Street location shutting in March.
The Clintons in Kirkcaldy shopping centre, Fife, closed in April, as did the Gloucester store and the Pentagon Centre location in Chatham.
Clintons stores affected by closures in 2023:
- Bolton's Market Street
- Whitehaven, Cumbria
- Pentagon Centre, Chatham
- Gloucester
- Kirkcaldy shopping centre, Fife
LATEST DEVELOPMENTS:
Clintons was founded as a family run business in 1968 by Don Lewin.
The first store opened in Epping, Essex.
It had grown to 77 stores by 1988, and reached 676 stores by 1998.