News: Rotherham Birthdays store to close
The Rotherham store at Parkgate of national greeting card retailer, Birthdays, will close, administrators confirmed yesterday.
The store is a subsidiary of Clinton Cards Plc which entered administration last week. Zolfo Cooper, the administrators, announced that all Birthdays stores will close along with approximately 200 Clinton Cards branded stores, adding that exact locations, timings and employee numbers will be confirmed shortly.
Rotherham has a Clinton store on College Street in the town centre.
The Group is the UK's largest specialist retailer of greetings cards and related products with in excess of 750 stores and 2011 revenues of over £360 million across its two retail brands, Clinton Cards and Birthdays.
Clintons was founded in 1968 and is listed on the London Stock Exchange. It has a significant high street presence and employs over 8,000 full time and part time staff.
The stores that are set to close are located throughout the country and employ approximately 2,800 full time and part time staff.
The Birthdays store opened at Parkgate in 2008 as a concession in the Pure Party unit alongside Game and Thorntons, two retailers that have also had financial struggles.
The store closure programme will begin during next week and continue into June.
Peter Saville, joint administrator and partner at Zolfo Cooper said: "Recently, Clintons has been faced with extremely challenging trading conditions, particularly in its Birthdays subsidiary, where the combined cost to the Group in terms of acquisition cost and accumulated losses is estimated to have been in excess of £130m since 2004.
"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."
Clinton website
Parkgate website
Images: birthdays.co.uk
The store is a subsidiary of Clinton Cards Plc which entered administration last week. Zolfo Cooper, the administrators, announced that all Birthdays stores will close along with approximately 200 Clinton Cards branded stores, adding that exact locations, timings and employee numbers will be confirmed shortly.
Rotherham has a Clinton store on College Street in the town centre.
The Group is the UK's largest specialist retailer of greetings cards and related products with in excess of 750 stores and 2011 revenues of over £360 million across its two retail brands, Clinton Cards and Birthdays.
Clintons was founded in 1968 and is listed on the London Stock Exchange. It has a significant high street presence and employs over 8,000 full time and part time staff.
The stores that are set to close are located throughout the country and employ approximately 2,800 full time and part time staff.
The Birthdays store opened at Parkgate in 2008 as a concession in the Pure Party unit alongside Game and Thorntons, two retailers that have also had financial struggles.
The store closure programme will begin during next week and continue into June.
Peter Saville, joint administrator and partner at Zolfo Cooper said: "Recently, Clintons has been faced with extremely challenging trading conditions, particularly in its Birthdays subsidiary, where the combined cost to the Group in terms of acquisition cost and accumulated losses is estimated to have been in excess of £130m since 2004.
"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."
Clinton website
Parkgate website
Images: birthdays.co.uk
1 comments:
The Pure Party unit at Parkgate has now closed.
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