Clintons Sold Out of Administration

Clintons, the high street greeting card chain, was sold out of administration on Wednesday to the Weiss family, its current owners, in a deal that will save 2,500 jobs and 334 stores, the Financial Times reported. The long-troubled retailer, formerly Clinton Cards, had faced increasing cash flow pressures. In September the company brought in KPMG to review options for restructuring. Wednesday’s transaction will allow the group to escape many of its debt obligations. Clintons had previously tried to pursue a company voluntary agreement — a form of insolvency where businesses request better terms from their creditors — with its landlords. According to a person involved with the process, after “town hall” meetings with landlords over the autumn, it became clear that several of them would oppose any CVA. Read more