3 days ago
Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good
A MAJOR card chain has launched a closing down sale as it shuts more shops.
Clintons closed 38 stores leading to over 300 jobs losses in the previous financial year.
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During its latest financial update, the company acknowledged the possibility of additional closures.
One of its branches in Rugby Central is set to close after it recently launched a closing down sale.
While they haven't yet confirmed a date, staff told Warwickshire World that "it could be next April".
Last month its Keighley, West Yorkshire store closed its doors on June 14.
In the run up to the closure, the store offered 20 per cent discounts across items.
Another store in Leamington Spa was offering discounts of up to 50 per cent as part of an "everything must go" sale.
The Warwickshire branch is yet to announce a final closure date.
Two other stores - in Halifax and Andover - shut for good in April.
The closures come even after a financial turnaround that saw it return to profit.
Clintons said that rising costs driven by labour tax hikes and the increasing minimum wage continued to make some of its stores financially unviable.
The popular card shop announced a pre-tax profit of £8 million for the financial year ending 29 June 2024.
It was a notable turnaround from the previous financial year which saw a £5.3 million pre-tax loss.
In March 2024, the company was acquired by Pillarbox Designs.
A statement from Clintons read: "The company has continued to close loss-making stores and the portfolio of retail stores is now down to approximately 170 stores.
"The high street continues to be unpredictable and the company is seeing reduced footfall in the stores year on year.
"The company continues to monitor the performance of the existing estate and to close the poor performing stores, which, whilst impacting on turnover, should improve profitability moving forwards."
Like many businesses, Clintons now faces higher employer national insurance contributions, which have risen from 13.8% to 15%.
Additionally, the threshold at which these contributions must be paid has been lowered from £9,100 to £5,000.
These changes to the tax system were confirmed by the Chancellor in the Autumn Budget last October and came into effect on 1 April.
At the same time, the national minimum wage saw a notable increase, rising to £12.21 per hour. For workers aged 18-20, the minimum wage increased by £1.40 to £10 per hour.
Clintons was first launched back in 1968 - and quickly became a go-to for Brits looking for greetings cards.
At its peak the chain boasted more than 1,000 branches across the country.
This has now dropped to just 163 brick-and-mortar stores.
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