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21/05/2009
Clinton Cards Puts Birthdays Into Administration
Over 2,000 jobs are at risk after British greeting cards retailer Clinton Cards announced it has put its Birthdays chain into administration.
The company said the Birthdays outlets would continue to trade while options to secure their future were explored.
The move puts 2,200 positions at Birthdays' 323 stores and Bury headquarters at risk.
Bury-based Birthdays was bought by Clinton in December 2004.
Clinton Cards said it had taken the "difficult decision" that it could "no longer continue to provide funding to its loss making subsidiary".
It also said the core Clinton Cards business and the Birthdays chain it operates in Ireland, will not be affected by the move.
Zolfo Cooper, the turnaround specialist, was today appointed administrator.
"Despite today's announcement, I would like to reassure customers that it is business as usual for Birthdays and we will be continuing to trade while we explore all options for the business," administrator Peter Saville from the group said.
Clinton said in the current economic environment it could not sustain Birthdays' £7 million annual losses.
Group Chairman Don Lewin said: "It is with deep regret that we have taken the decision to place the Birthdays' business into administration.
"Everyone at Birthdays has worked tirelessly to try and turn the business around and I would like to thank everybody for their hard work and dedication over the past five years."
The administration announcement came as Clinton said like-for-like sales - which pulls out the impact of new store openings - actually increased by 2.3% for the Birthdays brand in the 13 weeks to 3 May.
This compared with a fall of 0.6% at the 692 Clinton Cards outlets.
(JM/BMcC)
The company said the Birthdays outlets would continue to trade while options to secure their future were explored.
The move puts 2,200 positions at Birthdays' 323 stores and Bury headquarters at risk.
Bury-based Birthdays was bought by Clinton in December 2004.
Clinton Cards said it had taken the "difficult decision" that it could "no longer continue to provide funding to its loss making subsidiary".
It also said the core Clinton Cards business and the Birthdays chain it operates in Ireland, will not be affected by the move.
Zolfo Cooper, the turnaround specialist, was today appointed administrator.
"Despite today's announcement, I would like to reassure customers that it is business as usual for Birthdays and we will be continuing to trade while we explore all options for the business," administrator Peter Saville from the group said.
Clinton said in the current economic environment it could not sustain Birthdays' £7 million annual losses.
Group Chairman Don Lewin said: "It is with deep regret that we have taken the decision to place the Birthdays' business into administration.
"Everyone at Birthdays has worked tirelessly to try and turn the business around and I would like to thank everybody for their hard work and dedication over the past five years."
The administration announcement came as Clinton said like-for-like sales - which pulls out the impact of new store openings - actually increased by 2.3% for the Birthdays brand in the 13 weeks to 3 May.
This compared with a fall of 0.6% at the 692 Clinton Cards outlets.
(JM/BMcC)
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