Clintons CVA on the cards

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Clintons CVA
Dozens of Clintons' 330 UK stores could be axed in the coming months
// Clintons will speak with landlords next week to come to a decision about a potential CVA
// The exact number of shops that might be affected is not yet certain
// Last month, Clintons drafted in advisers from KPMG to explore a sale of the business

Clintons has said it will hold talks with landlords next week to discuss store closures and rent cuts.

The gifts and cards retailer wrote to landlords to invite them to “town-hall” meetings to discuss a CVA, Sky News reported.

The meetings may result in decisions being made to axe dozens of Clintons’ 330 UK stores in the next few months.


READ MORE: Clintons drafts in KPMG advisers to explore sale


The exact number of shops that might be affected is not yet certain, and decisions will depend on the outcome of the negotiations with landlords.

Last month, Clintons drafted in advisers from KPMG to explore a sale of the business seven years after it collapsed into administration.

KPMG has overseen a substantial number of retail CVAs in recent years, including Mothercare and Paperchase.

Meanwhile, a number of restructuring or financing options remain on the cards, with Clintons chief executive Eddie Shepherd understood to want thew maximum amount of stores open as possible.

Under Shepherd’s leadership, Clintons has recorded an improvement in its financial performance, with losses decreasing last year from the £14 million it recorded in the year to February 2018.

A total of 70 unprofitable Clintons stores have already been closed in the last five years.

Clintons is currently is the second-biggest specialist card retailer in the UK behind Card Factory.

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