// Clintons to close 66 out of its 332 UK sites
// The gifts & cards retailer is also demanding rent cuts on over 200 stores
// It is the latest retailer to seek concessions from high street landlords
Clintons has revealed plans to shut one in five of its 332 shops and is seeking rent cuts on more than 200 stores as it becomes the latest retailer to seek concessions from high street landlords.
On Friday, chief executive Eddie Shepherd held a town hall meeting with landlords to reveal the store closure plans while also demanding rent cuts, The Sunday Telegraph reported.
Restructuring documents revealed that an estimated 90 stores are currently loss-making with sales forecast to decline.
READ MORE: Clintons CVA on the cards
Creditors, including suppliers, are expected to vote on the proposals early next month.
Earlier this month, Clintons wrote to landlords to invite them to “town-hall” meetings to discuss a CVA.
In 2018, the gifts and cards retailer made sales of £188 million, down from £201 million the year before. Its losses narrowed from £19.4 million to £14.2 million in 2018.
Clintons currently employs 2500 people, is owned by the Weiss family, which until recently controlled sister business American Greetings.
Click here to sign up to Retail Gazette‘s free daily email newsletter
