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Thursday, 25 June 2009

Clintons buys 196 stores for £250,000. Good Deal?

So the saga of Clintons and Birthdays rumbles on with the news today that Clintons is paying the administrators £3.5m for the 196 stores it wanted to keep. Or is it?

A report on BBC News online today says

Clinton buys 196 Birthdays stores

Clinton Cards has bought 196 stores from its former subsidiary chain Birthdays, which it had put into administration last month.

The company said the deal would ensure the employment of 1,450 people.

Birthdays went into administration in May when Clinton said it could not sustain the chain's £7m annual losses.

Clinton is paying £3.5m for the stores, £3.25m of which will come from writing down the amount Birthdays owes to Clinton Cards.

When Birthdays went into administration the chain had 332 stores and employed about 2,100 staff.

So the true payment that creditors will see is £1,275 per store.

Want to know more about administration?

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