Clinton Cards has asked its landlords if it can stagger September's rent payments to help its cash flow situation.
The card chain has been contacting landlords of its 700-plus shops to ask to pay a third of its rent two weeks after the due date. Rent payments are due at the end of September and many retailers are expected to find the month tough, with consumer spending weak after a difficult summer. Landlords are braced for requests to reduce or stagger rental payments to help retailers trade to Christmas – their most lucrative period. It is thought Clinton has made similar requests in previous Septembers.
This October, a new chief executive, Darcy Willson-Rymer, will join the chain from coffee giant Starbucks, where he was UK managing director.
Clinton is also rumoured to be looking at options to take itself private, delisting from the London Stock Exchange.