May 20 2013 Latest news:
by Michael Adkins, Acting Editor
Thursday, May 17, 2012
The Birthdays store in Barking could be closed as early as Monday as administrators for owners Clinton Cards announce about 350 stores are set to close.
Phased closures, starting this Monday (21) and running into June, include all stores branded as Birthdays and approximately 200 Clinton Cards branded stores.
Peter Saville, Simon Freakley and Anne O‟Keefe, Partners at Corporate Advisory and Restructuring specialists Zolfo Cooper, said they have “regrettably” taken the decision to start closing stores from the 784 nationwide.
Those affected are located throughout the country and employ approximately 2800 full time and part time staff, administrators announced late yesterday afternoon. Eight are based at the store in Vicarage Field Shopping Centre, Ripple Road, Barking.
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.”
The 8,000-staff chain went into administration last Wednesday with accumulated costs and debts of more than £130million.
Exact locations, timings and employee numbers will be confirmed shortly.