BusinessCompany NewsClinton Cards store closures hits 221

Clinton Cards store closures hits 221

Administrators of Clinton Cards announce further 122 store closures

ADMINISTRATORS to collapsed greetings cards retailer Clinton Cards have had to close 221 stores so far.

At the start of the week, it was reported 99 stores would close their doors. However, Zolfo Cooper administrators Peter Saville, Simon Freakley and Anne O’Keefe have now announced a further 122 will go.

The ailing greetings cards business has been in administration since 9 May, along with its subsidiaries including Birthdays Retail.

On 7 June, the administrators managed to secure a sale of 397 stores, assets and brands to American company Lakeshore Lending, a subsidiary of American Greetings.

Some 330 stores were not included in the sale and remained under the control of Zolfo Cooper.

More than 40 of those stores were closed on 8 June 2012, with the joint administrators today announcing a further 122 stores will cease trading by 21 June 2012.

The administrators say they will still welcome interest in purchasing the stores as a whole or in part.

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