Clintons will be closing the doors of 38 sites due to financial issues as a new business plan has been approved.
The chain currently has around 225 stores in the UK, including Scotland, Wales and Northern Ireland and a transactional website.
The company appears to be safe from collapse for at least the next 12 months, the Evening Standard reported.
Under a plan approved yesterday, the landlords and local councils for 38 unprofitable sites will receive just 8.9p for every pound owed by Clintons.
Clintons’ owners and main creditor have agreed to provide a revolving loan facility which should be enough to keep the chain going for the next year.
READ MORE: Iceland announces store closures for September 2023 – full list
According to the restructuring plan, Jeff and Zev Weiss – the owners of Clintons – would only continue to fund the business if it adopted a new business plan that gave it greater hopes of profitability.
With 38 unprofitable sites set to close, plus the elimination of much of the rent and rates liabilities associated with these, not all hope is lost for Clintons.
The restructuring plan was presented by restructuring experts FRP Advisory and law firm Jones Day.
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Clintons has faced acute financial difficulty before; according to the BBC it had to be rescued in 2012 and again in 2019.
Express.co.uk has reached out to Clintons for a full list of store closures and which sites will be affected.
Iceland is set to close three sites in September 2023, Llanelli, Wales, Grange Road, Birkenhead and Market Shopping Centre, Crewe.
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