Thu, 10 May 2012 | ADMINISTRATION
Zolfo Cooper has been brought in as the administrator to stricken Clinton Cards, and is to search for a new owner. It is expected that about half of the retailer's stores will be closed down in the administration process.
It was reported yesterday that Clinton’s largest supplier American Greetings would push the business into administration. The US-based supplier had purchased about £35 million of the retailer’s debt from Barclays and RBS, and had refused to support a turnaround plan set out by Clintons, that would have involved a CVA as an alternative option to administration. American Greetings had raised concerns that the owed funds would be jeopardised by the CVA.
It is thought American Greetings may now consider purchasing the chain, having acquired a large chunk of its debt. Retail turnaround experts such as OpCapita, which bought Game, may be interested in taking on Clinton Cards. WH Smith has also put in an expression of interest.
The retailer had been weighed down heavily by its large number of stores and high rental bills. Operating from 1,200 stores in 2006, efforts were made to reduce the portfolio, which in early 2012, numbered 767. This year Clintons had communicated its intention to hire Jones Lang LaSalle to reduce this number still further, in a bid to reduce its £80 million rent bill.
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