Zolfo Cooper statement regarding Clinton Cards Plc
Thursday, 19 July, 2012 - 11:16
Zolfo Cooper statement regarding Clinton Cards Plc
Peter Saville, Simon Freakley and Anne O’Keefe, Partners at Corporate Advisory and Restructuring specialists Zolfo Cooper were appointed Joint Administrators over Clinton Cards Plc and its subsidiaries, including Birthdays Retail Limited (together the Group), on 9 May 2012.
On 7 June 2012, it was announced that the brands and assets of Clinton Cards, including 397 stores, had been purchased by Lakeshore Lending Limited (Lakeshore), a subsidiary of American Greetings Corporation. The sale included 397 stores contributing approximately £212 million in annual revenues, whilst also preserving approximately 4,500 jobs across the UK.
As of today 19 July 2012 a total of 76 stores not included in the sale to Lakeshore remained under the control of the Joint Administrators. Regrettably, due to deteriorating market conditions there has been no interest in the purchase of the last of the former Clinton Cards estate as a going concern and therefore today the Joint Administrators announce that these remaining stores will close by 31 July 2012.
Commenting on today's announcement Peter Saville, Partner at Zolfo Cooper said:
“It is with regret that we have had to take the decision to close the remaining stores. We are nonetheless pleased that in an extremely challenging retail environment we were able to effect the sale of almost 400 stores thus preserving something in the region of 4,500 jobs. I would like to take this opportunity to thank all of the employees of the former Clinton Cards business we have worked with during the administration period for their professionalism and dedication and to wish them well for the future."
Stores due to close by 31 July 2012
| Clinton Cards | Clinton Cards | Birthdays |
|---|---|---|
| Antrim | Knaresborough | Armagh |
| Arbroath, 154 High St | Leicester, Market St | Chester, Broughton |
| Armagh, 60 Scotch St | Letchworth | Clacton |
| Ashington, Station Rd | Lisburn, Bow St Mall | Cramlington |
| Ballymena, Fairhill Ctre | Llanelli | Dungannon |
| Banbridge, 17 Newry St | Magherafelt, Meadow Lane Ctr | Elgin |
| Bangor (NI), 80 Main Street | Motherwell, Brandon Pde | Glasgow (Pure Party) |
| Bangor, St Deiniol Centre | Newmarket, Rookery | Great Yarmouth (Pure Party) |
| Barnard Castle | Newry, Buttercrane Ctr | Kings Heath, 121 High St |
| Beeston | Orpington, High St | Limavady |
| Belfast, Castle Court | Oswestry | North Shields, Beacon Cen |
| Bideford | Penzance | Omagh |
| Birmingham, High St | Peterborough, Bridge St | Southport, Central |
| Bridgend, Adare St | Pinner | Wishaw |
| Cardiff, Albany Rd | Pontypridd, Taff St | |
| Clydebank | Poole, High St | |
| Crouch End | Port Talbot | |
| Derby, Corn Mkt | Porthmadog, High St | |
| Diss | Rickmansworth, High St | |
| Dudley, Churchill Prct | Stranraer, George St | |
| Edinburgh, Princes St | Stroud | |
| Fareham | Teignmouth | |
| Greenock, U25 Hamilton Way | Thetford | |
| Halesowen | Tiverton, Fore St | |
| Hatfield, Town Ctr | Uttoxeter, High St | |
| Hemel Hempstead, Riverside | Walkden | |
| Holyhead | Walsall, Park Mall | |
| Holywell | Wandsworth | |
| Hounslow, Treaty Ctr | Ware, High St | |
| Ilford, Exchange | Whitstable, High St | |
| Kilburn | Workington, Murray Rd |
ENDS
For media enquiries, please contact:
Zolfo Cooper Press Office
Tel: +44 (0) 20 7332 5226
pressoffice@zolfocooper.eu
About Zolfo Cooper
This press release and ‘Zolfo Cooper’ refer to Zolfo Cooper LLP. Zolfo Cooper LLP is a leading international provider of corporate advisory and restructuring services. Headquartered in London, with offices throughout the UK and affiliations in North America, the Caribbean, Continental Europe, Asia and Australasia, we have extensive experience of assisting companies and their stakeholders across a wide range of situations from complex cross-border cases through to mid-market engagements.
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