The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Cultural And Recreation Goods In Specialised Stores 47.6 - Retail sale of cultural and recreation goods in specialised stores
408 jobs Number of planned job losses
Announcement Date
16 May 2012
Employment effect (start)
16 May 2012
Foreseen end date
Description
UK-based retailer Clinton Cards has been placed in administration and made plans to close 350 out of its 784 stores across the UK that would result in the loss of 2,800 jobs.
The company reported a loss in 2011 and stated that the outlook for 2012 was worse than expected. As of 23 May 2012, no date had been given for the implementation of the cuts.
UPDATE: On 7 June 2012, the company made 408 employees redundant while saving 4,500 jobs. The threatened stores were sold to Ohio-based American Greetings. The 408 job losses come from the stores which were not part of the deal. Administrators are looking for buyers for the remaining stores.
Sources
8 June 2012: The Gurdian
16 May 2012: BBC News
Citation
Eurofound (2012), Clinton Cards, Bankruptcy in United Kingdom, factsheet number 73604, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73604.
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