Administration Watch | May 2012
Clinton Cards Administration Costs Thousands of Jobs
The May administration news was dominated by the collapse of Clinton Cards, a high street staple that occupied over 700 stores across the UK.
The Clinton Cards administration will lead to the closure of around 350 store units and is estimated to be costing 2,800 jobs.
In June the administrators found a buyer for the remaining part of Clinton Cards. The company was bought out of administration by Lakeshore Lending, a subsidiary of the retailer’s largest creditor American Greetings - saving 397 stores from immediate closure.
So far this year an estimated 12,000 jobs have been lost as a direct result of retailer administrations.