Clinton Cards to close 44 stores
Administrators for the collapsed greeting cards retailer Clinton Cards have announced that 44 stores will be closed by the end of May with the loss of 300 part time and full time jobs.
The closures include 19 Birthdays branded stores and 25 Clinton stores. In addition there have been redundancies at the company’s head office in Loughton in Essex affecting 66 employees.
The administrators said that the decision regarding the remaining Clinton Cards stores will be finalised over the coming weeks adding that some stores currently earmarked for closure may remain open or continue to trade for longer than initially envisaged while a buyer is sought for the business. They confirmed that a number of expressions of interest had been received.
However, further store closures across the remaining Birthdays estate and certain Clinton Cards traded stores are expected in the coming weeks, although this remains subject to ongoing discussions with landlords and other interested parties.
Never Miss a Retail Update!Peter Saville, joint administrator and partner at Zolfo Cooper said: “Since our appointment, we have been seeking to preserve value and sell the core underlying business as a going concern. We have received expressions of interest from a number of third parties and are confident that the remaining retail estate will be better placed going forward. It appears unlikely, however, that we will be able to find a buyer for the majority of the Birthdays stores and our analysis highlights that we cannot justify continuing to trade certain Birthdays and Clinton Cards stores into June. As a result, there is no alternative option but to close these 44 stores in May.”
“We are fully aware of the impact these closures will have and are working with a number of relevant agencies and third parties to assist employees affected by the store closures. We would like to take this opportunity to thank all employees for their professionalism and dedication during this difficult time.”
