Last week it was announced that the Clinton Cards chain of store was to go into administration. On Wednesday the administrators issued a statement saying that 350 of the 784 stores are to close.
Explaining the decision, the administrators say that the "business is burdened with an untenable real estate".
The store closures will begin next week and will continue into the next month. The decision means that all of the Birthdays stores and 200 Clinton Cards stores face closure.
Exact locations, timings of the closures, and the amount of staff facing losing their jobs are yet to be confirmed by the Administrators but details will be given soon.
Commenting in a press release, Peter Saville, Joint Administrator and Partner at Zolfo Copper, 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 a viable real estate going forward."
Explaining the decision, the administrators say that the "business is burdened with an untenable real estate".
The store closures will begin next week and will continue into the next month. The decision means that all of the Birthdays stores and 200 Clinton Cards stores face closure.
Exact locations, timings of the closures, and the amount of staff facing losing their jobs are yet to be confirmed by the Administrators but details will be given soon.
Commenting in a press release, Peter Saville, Joint Administrator and Partner at Zolfo Copper, 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 a viable real estate going forward."