Reuters: Bankruptcy News: Clinton Cards administrators to shut 350 UK stores

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Clinton Cards administrators to shut 350 UK stores May 16th 2012, 18:03 LONDON | Wed May 16, 2012 2:03pm EDT LONDON May 16 (Reuters) - Administrators for British cards and gifts retailer Clinton Cards said on Wednesday they had decided to shut about 350 stores employing around 2,800 full-time and part-time staff. Restructuring specialist Zolfo Cooper, whose staff were appointed administrators last week, said it was closing all the group's 'Birthdays' branded stores and about 200 'Clinton Cards' stores, cutting the group's estate of 784 outlets almost in half. "It has become clear that the business is burdened with an untenable retail estate," Zolfo Cooper said in a statement, adding that it had been left with no alternative. Clinton Cards, which employs around 8,000 people, is the latest casualty on the British high street where shoppers' disposable incomes are being squeezed by rising prices, muted wage growth and government austerity measures. It called in administrators after supplier American Greetings called time on its debt.

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