Game has been saved but closed hundreds of stores. Who is likely to be in difficulty next? A number of retailers have looked in trouble but many are still trading on despite large debts. It appears that the banks have been very supportive of retailers where there are only a few players in the market. Currys, HMV, Thomas Cook to name a few. What about card retailers? Clinton Cards is the big player in the market but it has seen profits evaporate and in the last half year reported a loss of £3.7m on revenues of £197m. The sudden rise in the cost of stamps will be no doubt be weighing heavily on the minds of management.
The firm said its strategic review was on track for completion at the end of April. It said the review’s outcome would begin to benefit the business from the end of the second half in July.
Clinton Cards has seen stiff competition from the supermarkets and the internet.