Worries over Clintons ability to sustain stores
Shop landlords fear that the troubled greetings card retailer Clinton Cards is about to restructure its 800 stores, citing them as unsustainable following a decline in the company’s profitability, according to a report in the Financial Times.
The retailer had expected to refinance its £55m credit facility this month, but the timetable has now slipped to September.
With an annual rent bill of £80 million, landlords are expecting Clintons to ask for a rent reduction or worse, close stores. Throughout the last property boom Clintons expanded aggressively, often being one of the first to sign up to new retail developments and paying a premium price for rent. Landlords concur that the retailer typically pays more per square foot than any other shopping tenant as a result.
For more on this story go to: www.ft.com/clintons