Fears are growing that Clinton Cards is set to become the latest well-known name to leave Britain’s high streets.
The firm, which recorded a trading deficit of £14.2million in 2018 after reporting a £19.4m loss a year previously, is said to be short of a break-even position in around 300 of its 332 stores.
According to the Mirror, the retailer, which was previously rescued from administration in 2012, is set to shut 66 of its retail outlets.
The American-owned chain is also reported to have warned landlords that it requires rent reductions elsewhere.
If landlords agree to the company’s proposals, rent levels will link to store performance with only 20 per cent of sites remaining at current rent levels.
It is reported that stakeholders in the retailer, which employs 2,500 staff, will vote on restructuring proposal next month.
It is anticipated that these will lay foundations for a creditor voluntary arrangement (CVA) which paves the way for the onward sale of the business via pre-pack administration.
A Clintons spokesman said: “Discussions are continuing with our landlords but no decisions have been made.”
The news comes as yet another blow to Britain’s high streets, after Mothercare collapsed into administration last week putting 79 stores and 2,500 jobs at risk.
