Thu, 31 May 2012 | BUSINESS SALE
Clinton Cards looks set to be sold by its administrator's deadline of 8 June, it has been revealed.
Zolfo Cooper set the date although it is possible that the firm will be bought out of administration even earlier if all goes well. At the moment, the retailer's supplier American Greetings – which bought the chain's £35 million bank debt before forcing it into administration last month – is the front-runner in the bidding. The firm is also the largest creditor, giving it some influence over the administration process.
Dominique Schurman, head of US greetings cards retailer Schurman Retail Group, which is 15 per cent owned by American Greetings and runs the US Papyrus chains, has flown to the UK to lead talks with Clinton's head office team regarding how things might progress if American Greetings secures a deal, Retail Week reported.
There were initially around a dozen interested parties during the first-round bids last week. These included the Card Factory, WH Smith and investment firms Endless and OpCapita, who lodged various valuations of between £10 million and £20 million. However, given the size of the debt already purchased by American Greetings, which would need to be covered through the sale, it seems unlikely another bidder will be able to field a sufficiently high offer.
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