Clintons Cards appears to be safe from collapse for at least the next 12 months, after an insolvency court approved a restructuring plan that allows the retailer to escape full payment of business rates and rent for 38 shops that are set to close.
The deal saves thousands of jobs that would have been at risk if it was not approved.
Under a plan approved today, the landlords and local councils for 38 unprofitable sites will receive only 8.6p for every pound owed by Clintons, which financial advisors said was currently insolvent. The closure of those 38 shops was first reported by the Times earlier this month.
Meanwhile its …
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