The managers of Clintons [née Cards] are lighting a few Yankee Candles and inflating a 25-pack of Stars Assorted Colours Latex Balloons in the office today, in celebration of a complicated bit of financial manoeuvring that's let the business avoid bankruptcy and having to send out 2,500 "Sorry You're Leaving" cards to all of its UK employees.
The chain had been looking for a way out of its crippling debts with the help of accountant KPMG, with the latter deciding it might be best to push through a fairly shady but entirely legal pre-pack administration – where the company is sold on without debt obligations. In this case, the company was sold back to a legal entity comprising of the original owners of the business, so Clintons basically acquired itself, and is free to rack up new debts once more.
Eddie Shepherd is legally obliged not to apologise to those owed money by the business who've lost out as them is simply the breaks, and 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." [BBC]