Birthdays Reading store to remain open
June 26, 2009
Almost 750 staff at troubled card chain Birthdays will lose their jobs after administrators announced the closure of 136 shops - but not Reading.
Birthdays, which employed 2,100 people in 332 outlets, was put into administration by its parent company Clinton Cards in May as it could not sustain the chain’s £7 million annual losses.
Clinton is buying back 196 stores – including the Broad Street Mall shop – saving 1,450 jobs, but the rest will shut.
Terry Garrett, director of Weber Shandwick Financial, acting on behalf of Clinton Cards, confirmed this morning that the Reading store was one of those purchased.
Clinton is paying £3.5million for the stores, £3.25million of which will come from writing down the amount Birthdays owes to it.
Clinton chairman Don Lewin said: “We are very pleased to be able to report the successful purchase of a large proportion of the Birthdays stores, thereby ensuring employment for 1,450 people.”