Celebrations Holdings Group, the high-street gift card retailer which trades under the names Card Warehouse and Cardfair, has gone into administration.
It has 288 stores nationwide and employs approximately 1,800 staff, with headquarters in Peterborough.
Kroll’s Corporate Advisory & Restructuring Group were appointed as administrators on October 8, with partners Peter Saville, Simon Appell and Anne O’Keefe working on the account.
Kroll said that Celebrations entered Administration due to ‘cash flow difficulties having experienced challenging trading conditions and ever increasing competition within the retail industry.’
Celebrations is the latest mass market retailer to go into administration, following clothes retailer Joy and furniture store, MFI – both of whom have recently been resuscitated, with some stores left open.
Peter Saville said: ‘I would like to reassure customers that it is business as usual for Celebrations Group, as we will be continuing to trade while we explore all options for the business.
‘These stores are situated in excellent retail locations and we will be working with management, employees and other stakeholders over the coming months in the hope of securing the future of the business despite the harsh trading environment being experienced by all retailers at present.’
'We fully appreciate that this is a concerning time for employees and we will keep all stakeholders as fully appraised as possible.’