Clintons to shut retailers because it struggles to deal with Rachel Reeves pay hike | UK | News | EUROtoday

Clintons is to shut retailers because it struggles to deal with Rachel Reeves’ tax and minimal wage hikes. The card retailer returned to revenue earlier this week, however has confirmed that elevated prices have made working quite a lot of its retailers financially unsustainable. The announcement comes regardless of the closure of 38 of the corporate’s shops, ensuing within the lack of greater than 300 jobs, within the final monetary yr. In a press release, Clintons stated: “The company has continued to close loss-making stores and the portfolio of retail stores is now down to approximately 170 stores.

“The excessive road continues to be unpredictable and the corporate is seeing diminished footfall within the shops yr on yr. The firm continues to watch the efficiency of the prevailing property and to shut the poor performing shops, which, while impacting on turnover, ought to enhance profitability transferring forwards.”

The firm’s shop in Keighley in West Yorkshire announced earlier this month that it would close on June 14, the Sun reports.

The outlet has started a clearance sale that offers 20% off its stock.

In addition, signs stating “Everything Must Go” have been displayed at a store in Leamington Spa, where customers can buy items for 50% less.

In its latest financial update, the company said: “Like many different retailers, the corporate continues to face important price strain on wages given the will increase within the nationwide minimal wage.

“Conversely, energy costs for the business began to ease during the year with the deal in October 2023 representing a material saving compared to the deal for the prior year.”

The financial system grew unexpectedly by 0.5% in February, figures have steered.

But the Chancellor’s National Insurance improve for employers and National Living Wage rise kicked in at first of this month, and there may be concern concerning the impact of Donald Trump’s tariffs might have on the UK’s GDP.

Ms Reeves stated: “These growth figures are an encouraging sign, but we are not complacent. The world has changed and we have witnessed that change in recent weeks.

“I know this is an anxious time for families who are worried about the cost of living and British businesses who are worried about what this change means for them.

“This Government will remain pragmatic and cool-headed as we seek to secure the best deal with the United States that is in our national interest.”

Mel Stride, the Conservative Shadow Chancellor, stated: “Since coming to office, Labour’s choices have killed growth stone dead and there is still a long way to go to recover.”