Clintons closed 38 stores leading to over 300 jobs losses in the previous financial year.
A leading card retailer has kicked off a massive closing down sale as it continues to close more outlets.
Clintons saw 38 of its stores shut down, resulting in over 300 job losses during the last financial year.
In its most recent financial briefing, the firm conceded that further store closures could be on the cards.
The Rugby Central branch of Clintons is set to shut its doors following the launch of a closing down sale, The Sun reports.
Although an exact date hasn’t been confirmed, Warwickshire World was informed by employees that “it could be next April.”, reports the Express.
Last month, the Keighley store in West Yorkshire bid farewell to customers on June 14.
Leading up to its closure, the shop slashed prices by 20 per cent across various products.
Leamington Spa’s outlet also enticed shoppers with discounts of up to 50 per cent in an “everything must go” sale.
The final closure date for the Warwickshire store has not yet been announced.
April saw two additional Clintons stores in Halifax and Andover close permanently.
Why are Clintons Cards shops shutting down?
Clintons has cited escalating costs due to labour tax increases and the rising minimum wage as reasons for some of its stores becoming financially unsustainable.
The well-known card chain reported a pre-tax profit of £8 million for the financial year ending 29 June 2024, marking a significant recovery from a £5.3 million pre-tax loss the year before.
Pillarbox Designs took ownership of Clintons in March 2024.
A statement from Clintons revealed: “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.”
Is Rachel Reeves to blame for Clintons Cards closures?
Moreover, the threshold at which these contributions must be paid has been reduced from £9,100 to £5,000.
These alterations to the tax system were announced by the Chancellor in the Autumn Budget last October and took effect on 1 April.
Simultaneously, the national minimum wage experienced a significant rise, climbing to £12.21 per hour. For employees aged 18-20, the minimum wage jumped by £1.40 to £10 per hour.
Clintons first opened its doors back in 1968 – and swiftly established itself as a destination for Britons seeking greeting cards.
During its heyday, the chain operated more than 1,000 outlets nationwide.
This figure has now plummeted to merely 163 physical shops.