LOUTH’S Clinton Cards store will remain open after weeks of uncertainty, saving a number of jobs.
The store fell into administration earlier this month with reported losses of £3.7million in the six months before January, and administrators Zolfo Cooper announced a wave of 350 closures.
The closures began on Monday, although as reported in the Leader today (Wednesday), staff at Louth’s Market Place store were still waiting to hear their fate.
But it has been announced this afternoon that Louth will not be joining the likes of Hull and Northampton’s Clinton Cards stores in being closed.
Local stores in Boston and Skegness also appeared to have survived the cuts.
Imminent closures include 25 Birthdays traded stores and 19 Clinton Cards branded stores which have all begun to close, affecting a total of 300 full and part time staff.
In addition to the job losses within the store network, there have also been redundancies at the company’s head office in Loughton, Essex affecting 66 employees.
Peter Saville, Joint Administrator and Partner at Zolfo Cooper said: “Since our appointment, we have been seeking to preserve value and sell the core underlying business as a going concern. We have received expressions of interest from a number of third parties and are confident that the remaining retail estate will be better placed going forward.
“It appears unlikely, however, that we will be able to find a buyer for the majority of the Birthdays stores and our analysis highlights that we cannot justify continuing to trade certain Birthdays and Clinton Cards stores into June. As a result, there is no alternative option but to close these 44 stores in May.
“We are fully aware of the impact these closures will have and are working with a number of relevant agencies and third parties to assist employees affected by the store closures. We would like to take this opportunity to thank all employees for their professionalism and dedication during this difficult time.”