The final 76 Clinton Cards stores still under administration are set to close at the end of July, resulting in the loss of 550 jobs. Administrators Zolfo Cooper confirmed on Thursday that no buyer had been found for the remaining shops, which include several London locations and the flagship Edinburgh store.
This closure marks the end of a rapid decline for the retailer, which has now made nearly 4,000 staff redundant since May with the shuttering of 370 stores. The collapse was triggered when American Greetings, a major supplier, called in £35 million in debts, forcing the company into administration.
However, approximately 4,500 jobs were saved through the sale of 397 shops to Lakeshore, a subsidiary of American Greetings. The supplier had previously acquired the debt from lenders Royal Bank of Scotland and Barclays, then pushed Clintons into insolvency to take over its most profitable locations.
Partner Peter Saville of Zolfo Cooper expressed regret over the closures but noted the success in preserving nearly 400 stores and 4,500 jobs amid a challenging retail environment. Clinton Cards had been struggling against stiff competition from supermarkets and online personalised card retailers like Funky Pigeon and Moonpig.
The company reported a pre-tax loss of £3.7 million in the 26 weeks to 29 January, compared with a profit of £11.7 million the previous year, and had warned of below-expectation performance in the second half.
