Wed, 09 May 2012 | ADMINISTRATION
Troubled retailer Clinton Cards is to be pushed into administration today by its biggest supplier American Greetings.
The firm’s banks Barclays and RBS had sold £35 million of Clinton Card’s loans to the supplier. The banks waived some loan conditions, but American Greetings decided to initiate the administration process anyway.
Founded by Don Lewin from a single store in Epping, Essex in 1968, Clintons now operates 628 Clintons stores and 139 Birthdays shops. The largest UK cards retailer, it employs a workforce of over 8,000 people.
The administrators (as yet unidentified) are to operate the stores while a buyer is sought. It is expected that many of its stores could be shut down, however.
Trading has been very tough for the card retailer recently, and has seen increasing competition from the likes of supermarkets and personalised card online sellers Moonpig and Funky Pigeon.
A strategic review of the business conducted by chief executive Darcy Willson-Rymer – former boss of Starbucks in the UK - was believed to have involved an unsuccessful search for a new buyer for the business or its Birthdays chain.
Its financial performance showed a pre-tax loss of £3.7 million in the 26 weeks to 29 January, compared with a profit of £11.7 million for the previous year.
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