WH Smith has appeared as a possible bidder for upto half of the Clinton Cards stores according to reports, although they have declined to comment. WHSmith bought online greeting cards operator Funky Pigeon in 2010. It has launched 9 Funky Pigeon stores on the high street. The bid from WH Smith has taken people by surprise but they are up against American Greetings who bought £35m of the debt. The administrators will have to make sure that to whoever the business is sold to will be in the best interest of the creditors.
What a turnaround for WH Smith! It was only a few years ago that seemed to be in alot of trouble but they seem to have benefited from the collapse of Woolworths also they have made the clever move of having post offices in their shops and have diversified their products.
The administrators have let Clinton Cards’ chief exec Darcy Willson-Rymer go and other executives are expected to be made redundant as well.