Greetings cards retailer Clinton Cards’ refinancing is to take a month longer than expected.
The embattled retailer was expected to refinance its £55m revolving credit facility with Barclays and RBS by the end of its financial year on July 31.
However Clintons is now not expecting to compete the refinancing until September, exacerbating concerns over the future of the retailer, according to the Financial Times.
The newspaper reported that landlords are concerned over a possible restructuring of Clinton’s 800-strong property portfolio. The retailer has more stores in shopping malls than any other retailer, meaning any restructure could hit large landlords hard.
Clinton’s house broker Numis axed full year pre-tax profit forecasts from £13.2m to just £2.5m after a series of profit warnings this year.
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