THE administrators of Clinton Cards Plc have announced approximately 200 of the greetings card specialist’s stores are to be closed.
It is unknown if Leven’s High Street branch will be affected with Peter Saville, Simon Freakley and Anne O’Keefe, partners at corporate advisory and restructuring specialists Zolfo Cooper, yet to reveal which stores will be shut, though it is expected closures will take place over the next few weeks.
Elsewhere, all stores trading as Birthdays, a subsidiary group of Clinton Cards Plc, are to close meaning around 350 stores combined will cease trading.
A spokesperson said it had become clear that the business is “burdened with an untenable retail estate”.
The stores in question are said to be located throughout the country and employ approximately 2800 full time and part time staff.
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.”
He added an announcement on specific store closures will be confirmed shortly.