Zolfo Cooper statement regarding the closure of an additional 47 stores not included in the sale of Clinton Cards to Lakeshore Lending Limited
Friday, 22 June, 2012 - 18:20
Zolfo Cooper statement regarding the closure of an additional 47 stores not included in the sale of Clinton Cards to Lakeshore Lending Limited
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.
330 stores were not included in the sale to Lakeshore and remained under the control of the Joint Administrators. 43 of these stores were closed on 8 June 2012 and a further 122 stores were closed on 21 June 2012. Today, the Joint Administrators announce that an additional 47 stores will cease trading by 30 June 2012.
The Joint Administrators are still focusing their efforts on the stores identified as part of the closure programme announced on 16 May 2012. As a part of this exercise, the Joint Administrators continue to welcome expressions of interest for this part of the estate, as a whole or in part.
Further announcements relating to the store closure program will be made available when appropriate.
Additional 47 stores set to close by 30 June 2012
| Birthdays | Birthdays | Clinton Cards |
|---|---|---|
| Aylesbury | March | Barnet, Spires Ctr |
| Banbury | Newtownards | Bellshill, Main St |
| Basildon (Pure Party) | Plymouth, Cornwall St | Berwick Upon Tweed |
| Bexleyheath (Pure Party) | Prestatyn | Coleraine, Church St |
| Bishops Stortford (Pure Party) | Romford, Brewery | Coleraine, Diamond Ctr |
| Cardiff | Rotherham (Pure Party) | Edinburgh, Gyle Centre |
| Catford | Solihull (Pure Party) | Elgin, St Giles Ctr |
| Chelmsford, The Meadows | South Shields | Lichfield, Three Spires Ctr |
| Derby (Pure Party) | Staines, (Pure Party) | Littlehampton |
| Enniskillen | Strabane | Newtownards, Ards Ctr |
| Exeter, Guildhall SC | Taplow (Pure Party) | Peterlee |
| Farnborough (Pure Party) | Walsall, Crown Wharf | Portadown, High St Mall |
| Hinckley | Walton | Ramsgate, High St |
| Hull (Pure Party) | Warrington | Swansea, St Davids Arcade |
| Larne | Wolverhampton (Pure Party) | |
| Leek | Worcester | |
| Maghull |
ENDS
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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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