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Thursday, 31 May 2012

Clinton Cards could be sold next week

According to reports in Retail Week, the administrators at Zolfo Cooper are aiming to sell the business and remaining stores by, or even before, the 8th of June.  

Given that the total debt owed to American Greetings, who in effect brought in the administrators after buying the debt for £35m remain the front runner.  This is mainly due to the fact that the card chain has been valued at between £10m and £20m.  As such, any other bid would have to be in excess of £35m for American Greetings to step aside.   Bids have been received from Card Factory, WHSmith, and investment funds Endless and OpCapita.  The administrators have said that American Greetings is not the only remaining bidder....

Dominique Schurman, the boss of US greetings cards retailer Schurman Retail Group, which runs the US Papyrus cards chain, has flown to the UK to lead talks with Clinton Cards’ head office team about how it might take the retailer forward if American Greetings secures a deal.

American Greetings are keen to buy Clinton Cards as it would give them access to the UK card market.

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