Troubled greetings cards retailer Clintons has delayed the reporting of its prelims by two weeks.
Clintons had intended to post its full year figures on October 13, but will now report on October 27 instead.
Sources close to the retailer said the decision to push back the reporting date was made to allow incoming chief executive Darcy Willson-Rymer enough time to get to grips with the business before reporting full year figures. The former Starbucks UK boss starts on October 10.
However, observers have suggested to Retail Week that the delay in reporting could be linked to its refinancing, which Clintons had intended to complete in July, but had to put off until September.
The retailer is yet to report completion of the refinancing of its £55m revolving credit facility. A spokesman said the refinancing is “progressing as expected” but could not confirm if it would be completed this month as planned.
Clintons has suffered from declining profits in the competitive greetings card market. It has asked landlords if it can pay its September rent in stages to ensure smooth cashflow. Quarter rent day falls today, and can be a tipping point for struggling retailrers that cannot pay their rent.
Clintons has also been closing stores in recent months when leases come up for renewal.