The future of Clintons has been secured following the sale out of administration to Esquire Retail, run by the Weiss family, of Clintons’ former parent company American Greetings.
The deal comes as a huge relief to the 2500 employees who work at 334 stores across the UK, all of which continue to trade.
Will Wright and Steve Absolom from KPMG were appointed joint administrators to Clintons on Wednesday 4 December. Immediately following this procedure, the KPMG administrators sold Clintons’ brand and assets to Esquire Retail Limited, a new company set up by Clintons’ current owners, the Weiss family.
Clintons, which was founded in 1968, has been struggling to overcome increasing cash flow problems amidst difficult high-street trading conditions.
Eddie Shepherd, chief executive of Clintons, told The Retail Bulletin that the company had no other option but to place the business into administration after failing to secure the required support for a company voluntary arrangement (CVA).
He added: “We are pleased to have been able to secure the future of the Clintons business, protecting all of our talented 2,500-strong workforce and ensuring continuation of trade across all of our UK store network at what is a crucial time of the year for the business. We are confident that this deal will kickstart a new chapter for our business.”