Partner Article

2,800 jobs lost at Clinton Cards

Clintons Cards are set to close 350 stores in the UK, leading to the loss of 2,800 jobs.

This closure will include all of its Birthdays stores, while 434 stores will continue to trade.

Commenting on the closures, administrators Zolfo Cooper said: “In the course of this work it has become clear that the business is burdened with an untenable retail estate.”

The card retailer was founded in 1968 and was the UK’s biggest card retailer. Prior to being placed in administration earlier this month the company employed more than 8,000 staff.

In March 2012 the firm reported a loss of £3.7m for the six months to the end of January, and downgraded its outlook for the rest of 2012.

The company’s £35 million bank loans were sold on to its supplier American Greetings. Despite banks waiving conditions for the loans, American Greetings pressed for repayments Clinton Cards were unable to meet.

In recent years Clinton have attempted to restructure their business, which included the closure of a number of UK stores.

This was posted in Bdaily's Members' News section by Ruth Mitchell .