BusinessBusiness RecoveryZolfo Cooper administrators called to Clinton Cards

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.

Related Articles

Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

6m Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

11m Emma Smith, Managing Editor