BusinessBusiness RecoveryAdministrators to Clinton Cards close 99 stores so far

Administrators to Clinton Cards close 99 stores so far

Zolfo Cooper administrators announce a further 43 store closures

CLINTON CARDS administrators from Zolfo Cooper have announced the closure of a further 43 stores, bringing the total number of closures to 99.

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.

A spokeswoman for Clinton Cards said: “There have been approximately 700 redundancies to date due to the closures.”

At the time of appointment, Clinton Cards was the UK’s largest retailer of greeting cards and related products, with more than 750 stores across its two retail brands, Clinton Cards and Birthdays, and employed about 8,000 staff.

Earlier this month, the administrators managed to sell 397 stores with a combined turnover of £212m to a subsidiary of American Greetings, Lakeshore Lending, which has saved about 4,500 jobs. However, the administrators also announced the closure of 56 stores.

The administrators have now announced a further 43 stores, which were not included in the sale, will have to close immediately. About 250 stores are still outstanding in the Clinton Cards portfolio. 

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

7d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

7d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

1y Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer