The last remaining Clinton Cards shops run by administrators will shut at the end of the month with the loss of 550 jobs.
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Administrators admitted there had been no interest in the remaining sites, which means the retailer has made nearly 4,000 staff unemployed since May with the closure of 370 shops.
Around 4,500 jobs have been saved with the sale of 397 shops to Lakeshore, a subsidiary of American Greetings – the supplier which called in the £35m of debts from Clinton Cards that led to its collapse.
Administrators Zolfo Cooper announced on Thursday that 76 further shops would be shut on 31 July including several London shops and its flagship Edinburgh store. Zolfo Cooper said: “Regrettably, due to deteriorating market conditions there has been no interest in the purchase of the last of the former Clinton Cards estate as a going concern.”
Partner Peter Saville added: “It is with regret that we have had to take the decision to close the remaining stores. We are nonetheless pleased that in an extremely challenging retail environment we were able to effect the sale of almost 400 stores thus preserving something in the region of 4,500 jobs.”
American Greetings forced the listed company, which had been the biggest card retailer in the country, into administration by buying up the £35m debts from lenders Royal Bank of Scotland and Barclays.
It then announced its intentions to make Clintons insolvent and take over its most profitable sites.
Clinton has suffered dire trading prior to going bust after encountering against stiff competition from supermarkets and online retailers such as Funky Pigeon and Moonpig, which sell personalised cards.
It made a pre-tax loss of £3.7m in the 26 weeks to 29 January, compared with a profit of £11.7m in the previous year, and had warned that the second half of the year would be below expectations.
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