News - London

2,500 Clintons jobs saved
Joanne Ray
/ Categories: News, London

2,500 Clintons jobs saved

Greetings card retailer Clintons has struck a deal that will stop it going bust this Christmas, administrators KPMG have said.

The chain will be salvaged through a complex transaction that allows it to be sold back to its existing owners.

It means Clinton's 334 stores can keep trading for now, saving 2,500 jobs.

Boss Eddie Shepherd said he was pleased to have secured the firm's future ahead of the "crucial" Christmas trading period.

"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," he said.

"We are confident that this deal will kickstart a new chapter for our business."

Clintons had initially tried to find a new buyer for its ailing business, but it is thought no acceptable offers were received.