Zolfo Cooper administrators called to Clinton Cards
Three Zolfo Cooper partners take on administration of collapsed card retailer which has more than 750 stores and about 8,000 staff
ZOLFO COOPER administrators have been called to collapsed card retailer Clinton Cards.
Peter Saville, Simon Freakley and Anne O’Keefe, partners at Zolfo Cooper, were appointed joint-administrators to Clinton Cards plc and its subsidiaries Birthdays Retail.
The administrators said the acquisition of the Birthdays subsidiary was one of the problems that led to the collapse of Clintons. The acquisition cost and accumulated losses are estimated to be more than £130m since 2004.
A sale of all or part of the business is currently being sought, with the administrators not ruling out closures of some of the 750 stores in the company’s portfolio.
Saville said: “Despite evaluating ways to restructure its business, Clintons was unfortunately unable to secure adequate support or funding for its restructuring plans.
“The challenging business environment, and in particular the increased competition for greetings cards and related products, meant that the group required radical restructuring and administration was the last remaining option available.”
The administrators will continue to trade the business which had revenues of more than £360m. Clintons was founded in 1968 and employees more than 8,000 full time staff.