Clintons will close 38 stores after an insolvency court approved a restructuring plan to avoid a complete collapse of the business, the Evening Standard has reported.
Under the new business plan presented by restructuring expert FRP Advisory and law firm Jones Day, the greetings card retailer will pay lower business rates and rent for the 38 unprofitable shops it is set to close.
The deal will see Clintons pay 8.6p for every pound it owes to landlords and local councils for the 38 stores, saving the high street retailer from collapsing altogether.
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