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Workers at troubled card stores facing uncertain future
9:40am Thursday 10th May 2012 in News
WORKERS at Oxfordshire branches of retailer Clinton Cards were last night facing an uncertain future after the company became the latest victim of the high street spending slump.
Up to 60 staff are affected across the county after the company went into administration.
The move affects staff at six stores in the Westgate Centre, Oxford; Woolgate Centre, Witney; Sheep Street, Bicester; Buttermarket, Thame; Castle Quay, Banbury and Bell Street, Henley.
Also affected is a Birthdays store in Banbury.
All will continue to trade while adminstrators assess their viability.
One worker said: “We have been informed but we don’t know much about it. We’re just taking it step by step and hoping to find out more information soon.”
Clintons has suffered intense competition from supermarkets and online card retailers.
It recorded a pre-tax loss of £3.7m in the 26 weeks to the end of January, compared with a profit of £11.7m in the previous year.
Administrators at specialist finance firm Zolfo Cooper said the group had made losses of £130m since 2004 and it was “likely that a number of stores would need to be closed to make the business financially viable”.
The retailer, which operates 628 Clintons and 139 Birthdays stores, employs more than 8,000 staff nationwide.