Greetings Card Retailer Explores Possible Sale Amidst Closures and Expansions
- Clintons seeks advice from KPMG regarding potential sale
- US parent company American Greetings considering selling the business
- KPMG reviewing Clintons’ operations
- Potential buyers contacted by KPMG
- Closure of 70 loss-making stores in past five years
- New planning, design and manufacturing center to open in Corby
- Expected smaller loss in upcoming accounts compared to previous year
Greetings card retailer Clintons has enlisted the help of KPMG advisers as its parent company, American Greetings, explores a potential sale. This move comes just seven years after acquiring Clintons and forcing it into administration. KPMG is conducting a review of the company’s operations, with sources suggesting that a sale is the most likely outcome. The ‘Big Four’ accountancy firm has already reached out to potential buyers. Clintons operates 334 stores and employs over 2500 people in the UK; however, further store closures may occur following a sale. A spokesperson stated that periodic strategic reviews are standard practice and the focus remains on the upcoming Christmas season. In addition, Clintons is set to report a smaller loss than last year’s £14m when it releases its latest accounts.
Factuality Level: 8
Factuality Justification: The article provides relevant information about Clintons calling KPMG advisers for a potential sale, its current operations, past store closures, and expected financial performance. It also mentions the opening of a new center in Corby. The information is based on sources and presents an objective view without any clear bias or misleading details.
Noise Level: 3
Noise Justification: The article provides relevant information about the potential sale of Clintons and its recent store closures, but lacks in-depth analysis or exploration of long-term trends or consequences. It also does not offer actionable insights or new knowledge for readers.
Financial Relevance: Yes
Financial Markets Impacted: American Greetings’ potential sale of Clintons may impact financial markets due to its effect on the retail industry and related companies.
Financial Rating Justification: The article discusses a potential sale of Clintons, a greeting card retailer, which could lead to further store closures and affect the company’s operations. This has implications for the retail industry and other businesses in the sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.
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