Clintons Cards is the latest retail chain at risk of going into administration following a gradual 'decline' of the sector.

Clintons Cards on Newland Street in High Wycombe could be facing closure after reports emerged that the retailer is considering the closure of 38 stores to protect itself against insolvency. 

The Times reported that the closures were part of a "restructuring plan" following a failed merger with stationery chain Paperchase last year, which itself fell into administration in January before being bought out by Tesco.

According to the newspaper, Clintons is on the verge of agreeing to a refinancing deal that will result in the closure of 38 stores across the country. 

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The move would see Clintons' retail portfolio reduce from 179 branches to 141, though it has not yet been confirmed which stores would face closure under the measures. 

Documents obtained by The Times stated: "It is common knowledge that the UK high street retail sector has been in decline for a number of years.

"The company will soon no longer be able to fund its day-to-day operations nor discharge its debts and liabilities as and when they fall due. As such, the company is in a state of acute financial distress."

It comes just days after another high street chain, homeware giant Wilko was also revealed to be on the brink of entering administration with 15 stores already confirmed to be closing this year.

Clintons has been contacted for comment.