Findel, the parent company of Express Gifts, has closed two of its loss-making businesses.
The firm has been reviewing Cotswold and Letterbox both of which were only bought in 2007.

Both businesses expanded the firms homeware and gift operations and online portfolio.

The West Yorkshire-based company has confirmed both businesses are to end immediately.

It's believed the move will save the firm losses and costs of more than £8m.

Impairment charges, for previous good will, of £9m for Cotswold and £8.6m for Letterbox will be written off in the period ending 3 April 2009

Chief Executive, Patrick Jolly, said: "This action is in line with our strategy of improving the cash performance of the business with the aim of helping to reduce debt.

"We remain confident of achieving our strategic cash generation plans by our target date of March 2011."