200 Clinton Card stores to close from next week

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Administrators for Clinton Cards Plc have announced that around 350 of its 784 stores trading as Clintons Cards and Birthdays are to close next week.

Zolfo Cooper has not said whether the Bury St Edmunds and Thetford branches of Clintons are amongst the closures.

A statement from the administrators said: “Since their appointment, the Joint Administrators and their teams have been working to assess and

stabilise the company‟s financial position with a view to preserving value and seeking to sell the business as a going concern.

“In the course of this work it has become clear that the business is burdened with an untenable retail estate and as such, the Joint Administrators have regrettably taken the decision to close approximately 350 stores from the total estate of 784 stores nationwide.

The stores in question are located throughout the country and employ approximately 2800 full time and part time staff.

They include all stores branded as Birthdays and approximately 200 Clinton Cards branded stores.

The store closure programme will begin during the week commencing 21 May 2012 and continue into June.

“Exact locations, timings and employee numbers 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.”