Clintons wants to close a fifth of its stores and is seeking rent cuts on hundreds of other locations – more than a quarter of which are operating at a loss.
Restructuring documents shown last Friday during a mass meeting with landlords, seen by The Sunday Telegraph, revealed that around 90 of its stores are costing the greeting card and gift retailer money.
Chief executive Eddie Shepherd proposed closing 66 of the total 332 shops around the UK and slashing rent on more than 200 remaining Clintons stores.
The proposal will be put to a creditor vote early next month.
Accountancy firm KPMG, which has been kept busy of late overseeing the CVA proposals and restructuring plans of dozens of high street retailers – most recently Mothercare and Clintons’ rival Paperchase – was been brought in to draw up the proposals last week.
Clintons crashed into administration in 2012 after falling like-for-likes and mounting losses coincided with repayment demands from creditors.
More than half of its 800 stores, including the now-defunct Birthday retail brand, were axed, before remaining stores were acquired by current owner acquired by American Greetings.