Zolfo Cooper update regarding Clinton Cards Plc and subsidiaries (In Administration)

Wednesday, 16 May, 2012 - 18:30

Zolfo Cooper update regarding Clinton Cards Plc and subsidiaries (In Administration)

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 9 May 2012.

Since their appointment, the Joint Administrators and their teams have been working to assess and stabilise the company’s financial position with a view to preserving value and seeking to sell the business as a going concern. In the course of this work it has become clear that the business is burdened with an untenable retail estate and as such, the Joint Administrators have regrettably taken the decision to close approximately 350 stores from the total estate of 784 stores nationwide.

The stores in question are located throughout the country and employs approximately 2800 full time and part time staff.

They include all stores branded as Birthdays and approximately 200 Clinton Cards branded stores.

The store closure programme will begin during the week commencing 21 May 2012 and continue into June.

Exact locations, timings and employee numbers will be confirmed shortly.

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."

ENDS

For all media enquiries, please contact:

Zolfo Cooper Press Office
Tel: +44 (0) 20 7332 5226
pressoffice@zolfocooper.eu

For all other enquiries relating to Clintons, please use the relevant contact details below:

Tel: +44 (0) 20 7332 5284
clintons-employees@zolfocooper.eu
clintons-creditors@zolfocooper.eu
clintons-landlords@zolfocooper.eu
clintons-saleofbusiness@zolfocooper.eu

For all other enquiries relating to Birthdays, please use the relevant contact details below:

Tel: +44 (0) 20 7332 5282
birthdays-employees@zolfocooper.eu
birthdays-creditors@zolfocooper.eu
birthdays-landlords@zolfocooper.eu
birthdays-saleofbusiness@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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