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Wednesday, 9 May 2012

Clinton Cards in administration with Zolfo Cooper taking over

So as expected Clinton Cards went into administration this afternoon as the supplier American Greetings called in the administrators at Zolfo Cooper having bought its £35m of its debt from its lenders.

More than 8,000 jobs are at risk following the collapse.   The high street spending slump is hitting retailers hard, but to be fair, the firm had been in difficulty for a long time.  A small fall in its sales was enough to push it over the edge.   American Greetings had said that Clinton Cards had run up debts and it had stopped supplying the firm and that it suspected that other suppliers had done the same.

Administrators at Zolfo Cooper said the group had made losses of £130 million since 2004 and it was "likely that a number of stores would need to close. 

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