May 24 2013 Latest news:
By Ross Logan , Reporter
Wednesday, May 16, 2012
TROUBLED retailer Clinton Cards will close 350 stores nationwide, affecting 2,800 staff, it has been announced this afternoon (Wednesday).
The company, which has three stores in Welwyn Hatfield employing 29 staff, plunged into administration a week ago, unable to pay back a £35m loan to its suppliers.
Restructuring firm Zolfo Cooper were appointed administrators, with partner Peter Saville saying it was “likely” stores would be closed in order to keep the business afloat.
In a statement released today, Zolfo Cooper announced the closure of 200 Clinton stores and all of the remaining Birthdays branded shops, which the firm also managed.
Zolfo Cooper partner Peter Saville said the move was necessary in order to have any chance of selling the business as a going concern.
“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,” he said.
“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.”
The administrators said exact locations, timings and affected number of staff will be released shortly, although the programme of closure is due to begin as early as next week.
Welwyn hatfield’s Clinton Card stores are located in the Howard Centre, WGC, Hatfield town centre, and the Galleria, also in Hatfield.