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Wednesday, 9 May 2012

Clinton Cards in administration - Almost....

Clinton Cards has suspended its shares this morning and has said it expects to be in administration. Today was expected to be the day that the firm would publish its strategic review with a closure programme or possible CVA for its loss making stores being announced.  However, quite dramatically, according to reports, the business is likely to be forced into administration by American Greetings, its main supplier, that took on £35m of debt from its lenders.   Clinton Cards employs 4800 people in 629 stores.

update:  Clinton Cards has confirmed in an announcement that this is indeed the case.

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11198742


The business is likely to be sold out of administration or even a CVA with the non profitable stores closed down.

If you are an employee of the firm then please refer to our pages on help for employees.  We do not have any other information so please do not call our office

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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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