Administrators for greeting cards specialists Clinton Cards have announced that a further 47 stores are to close by the end of the week.
Zolfo Cooper, which was appointed by the retailer as major supplier American Greetings Corporation purchased its outstanding debt from its lenders and demanded immediate repayment, has announced that the stores will cease trading by June 30th 2012.
Last month, the restructuring specialists were appointed Joint Administrators over Clinton Cards Plc and its subsidiaries including Birthdays Retail Limited and quickly announced that 350 of Clintons’ 750 stores would be sold in order to manage payments to creditors.
Earlier this month, the brand and core assets of the business were sold to Lakeshore Lending Limited, a part of American Greetings which acquired 397 stores across the retailer’s UK portfolio.
It was hoped that such arrangements would make the portfolio more attractive to possible buyers and this latest move is a means of creating further interest.
In a statement, Zolfo Cooper said: “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.”
Birthday stores to close
Aylesbury, Banbury, Basildon (Pure Party), Bexleyheath (Pure Party, Bishops Stortford (Pure Party), Cardiff, Catford, Chelmsford The Meadows, Derby (Pure Party), Enniskillen, Exeter Guildhall SC, Farnborough (Pure Party), Hinckley, Hull (Pure Party), March, Newtownards, Plymouth Cornwall St, Prestatyn, Romford Brewery, Rotherham (Pure Party), Solihull (Pure Party), South Shields, Staines (Pure Party), Strabane, Taplow (Pure Party), Walsall Crown Wharf, Walton, Warrington, Wolverhampton (Pure Party), Worcester
Clinton Cards stores to close
Barnet Spires Ctr, Bellshill Main St, Berwick Upon Tweed, Coleraine Church St, Coleraine Diamond Ctr, Edinburgh Gyle Centre, Elgin St Giles Ctr, Lichfield Three Spires Ctr, Littlehampton, Newtownards Ards Ctr, Peterlee, Portadown High St Mall, Ramsgate High St, Swansea St Davids Arcade