It's understood the high street retailer has appointed restructuring experts
Card chain Clintons, in another potential blow to the high street, is considering plans to shut 38 shops in a bid to avoid insolvency, according to reports today.
The business is looking at a move which could see the firm swap its debt for equity and shut about a fifth of its estate of 179 shops, according to the Times.The newspaper reported that the business had considered a merger deal with rival Paperchase earlier this year. Clintons is among retailers to have been affected by depressed high street footfall and competition from online rivals. The reports quoted documents over the restructuring plan being proposed to creditors, which said Clintons 'will have no option but to commence formal insolvency proceedings' if it does not secure a deal.