About 2,500 jobs have been secured at Clintons after the greetings card chain was sold back to its existing owners via a pre-pack administration.
The high street retailer went into administration and was immediately sold to Esquire Retail, a new business set up and controlled by the Weiss family, which has owned Clintons for seven years.
KPMG, the administrator, said that the deal would safeguard all Clintons’ 2,500 employees and would ensure that its 334 stores can continue to trade throughout the crucial Christmas season. Clintons has faced mounting cashflow pressures.
Pre-pack administrations are controversial because they mean that the new entity can walk away from the contractual obligations of the old holding company.
The deal marks the second time that Clintons has gone into administration in seven years.