CLINTON CARDS administrators make 366 redundancies and close 44 stores.
Peter Saville, Simon Freakley and Anne O’Keefe, partners at Zolfo Cooper, were appointed joint administrators to Clinton Cards and its subsidiaries, including Birthdays Retail, on 9 May 2012.
The administrators announced earlier this month that it would close 350 stores out of the company’s 784 portfolio, which at the time of its collapse employed 2,800 staff.
They have now clarified that 300 full- and part-time staff in various stores, as well as 66 employees from the head office, will be made redundant.
A total of 25 Birthdays stores are to close in areas such as Luton, Portsmouth and Sheffield, with 19 Clinton Cards stores to go in places such as London’s Oxford Street Plaza and Glasgow.
The administrators will provide further information as to which other stores will be included in the 350-store cull.
Saville said: “Since our appointment, we have been seeking to preserve value and sell the core underlying business as a going concern.
“It seems 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 in June. As a result, there is no alternative option but to close these 44 stores in May.”
Clinton had about 750 stores in its portfolio, and about 8,000 employees, at the time of its collapse. A decision on the future of the remaining stores is due in the next few weeks.
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