Greeting card and gift retailer Clintons has announced a rescue deal that will stop the company falling into administration.
The firm’s administrators, KPMG announced the deal earlier today that will see Clintons survive through a complex arrangement where the company will be sold back to its existing owners.
The deal means that more the 2,500 jobs have been saved across Clintons’ 330 stores.
Clintons’ CEO Eddie Shepherd said: “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. We are confident that this deal will kickstart a new chapter for our business.”