Greetings Today magazine, giving you the bigger picture

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.

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