ADMINISTRATORS HAVE SHUT just under half of Clinton Cards stores due to it being “burdened with an untenable real estate”.
Joint administrators from Zolfo Cooper have shut 350 stores from the 784 nationwide, and emply 2,800 staff.
The closure programme begins on the week commencing 21 May and will continue into June.
Locations of closed stores and number job losses will be confirmed shortly.
Peter Saville, joint administrator and partner at Zolfo Cooper said: “Given the sheer size of the Clinton Cards retail estate and the overall performance, we were left with no alternative to today?s difficult decision.
“I am hopeful that the action we have taken will allow us to preserve value in the core underlying business, thereby allowing us and potential buyers to focus on a profitable and viable retail estate going forward.”
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children