Clintons sold in pre-pack deal
Clintons has been sold as part of a pre-pack administration to Esquire Retail, a vehicle set up by the Weiss family.
The restructuring will keep all 334 stores trading throughout the festive period, preserving 2,500 jobs.
Will Wright and Steve Absolom of KPMG were appointed as administrators earlier today.
Clintons has been sold as part of a pre-pack administration to Esquire Retail, a vehicle set up by the Weiss family.
The restructuring will keep all 334 stores trading throughout the festive period, preserving 2,500 jobs.
Will Wright and Steve Absolom of KPMG were appointed as administrators earlier today.
It follows months of discussions with stakeholders on a potential company voluntary arrangement. However, it was unable to gain enough support from landlords.
The company, which was founded in 1968, has faced mounting cash flow pressures in the face of challenging high street trading conditions.
Eddie Shepherd, chief executive of Clintons, said: “Like so many of our fellow high street retailers, we have worked tirelessly to contend with the maelstrom of issues impacting the sector, from business rates pressures, to fragile consumer confidence and the lack of clarity around the taxation of online retail businesses.
“As part of our exploration of sale options to secure the future of the business, we entered into extensive discussions with stakeholders with a view to entering into a company voluntary arrangement.
“Despite receiving support from a number of landlords, we were unfortunately unable to secure the requisite support needed to successfully launch our proposals. With no other investment options available, we therefore had to take the difficult step to place the company into administration.
“We are confident that this deal will kickstart a new chapter for our business.”
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