The parent company of greeting card retailers Card Warehouse and Cardfair went into administration yesterday
Taylor Wessing is advising Greeting Card Group, for which PricewaterhouseCoopers was appointed as the administrator yesterday.
The Peterborough-based company has around 500 shops across the UK. It was formed when Cardfair purchased Card Warehouse in May 2003 for around £45m.
Greeting Card Group had been struggling for more than a year. As reported by Property Week (news, 14.10.05), it asked landlords if it could pay its rent monthly in advance rather than quarterly to help its cashflow situation.