Unhappy Birthdays go into administration
Thursday 21st May 2009, 11:05AM BST.
Clinton Cards has placed its subsidiary chain Birthdays into administration.
The greeting card chain will continue to trade as normal while administrators look into options in securing the company’s future.
Clinton Cards announced it was unable to sustain the £7 million annuals losses currently being made by Birthdays.
The company is said to have suffered from falling sales for a number of months and up to 2,000 jobs are now at risk.
A statement from Clintons said today: “Following deterioration in the wider economy since last autumn, approximately 50 per cent of all Birthdays’ stories are now loss making meaning that a solvent restructuring of the business is not considered to be a viable solution.”
Administrator Peter Saville of accountancy group Zolfo Cooper is quoted by the BBC as adding: “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.
“We remain hopeful of securing the future of the business despite the harsh trading environment being experienced by all retailers at present.”
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