Clinton Cards in Thornbury is set to close within months
By Trucks79 | Saturday, June 02, 2012, 21:03
Staff at Clinton Cards in Thornbury have today confirmed that the Thornbury store has been highlighted as a store due to be closed by the administrators acting on behalf of the company.
Job losses expected at Clinton Cards in Thornbury
Already a massive sale is underway in the Thornbury store and staff today confirmed that they expect the store to cease trading sometime in August however no final date has been given by the administrators.
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, on 9th May 2012, this appointment led to the closure of a number of Clinton Cards stores including 25 Birthdays
Administrators have stated that the decision regarding the remaining Clinton Cards branded stores will be finalised over the coming weeks and some stores currently earmarked for closure may remain open or continue to trade for longer than initially envisaged.
Further store closures across the remaining Birthdays estate and certain Clinton Cards traded stores are expected in the forthcoming weeks, although this remains subject to a number of ongoing discussions with landlords and interested parties
Peter Saville, Joint Administrator and Partner at Zolfo Cooper said "Since our appointment, we have been seeking to preserve value and sell the core underlying business as a going concern. We have received expressions of interest from a number of third parties and are confident that the remaining retail estate will be better placed going forward. It appears unlikely, however, that we will be able to find a buyer for the majority of the Birthdays stores and our analysis highlights that we cannot justify continuing to trade certain Birthdays and Clinton Cards stores into June. As a result, there was no alternative option but to close these 44 stores in May."
"We are fully aware of the impact these closures will have and are working with a number of relevant agencies and third parties to assist employees affected by the store closures. We would like to take this opportunity to thank all employees for their professionalism and dedication during this difficult time."
The news of the store closure and job losses come as two new stores plan to open in the Town.