Clinton Cards faces administration with 8000 jobs at risk
9 May 2012
Card retailer Clinton Cards has warned it expects its largest supplier to begin steps to place the company into administration later today, putting 8,000 jobs at risk.
The listed-group, which operates 628 Clintons stores and 139 Birthdays outlets across the UK, has requested for trading in its shares to be suspended with immediate effect.
In a statement, the company said that two of its banks, Barclays and the Royal Bank of Scotland, sold £35million of loans to supplier American Greetings. Despite the fact that the banks had waived certain conditions for the loans, the supplier has decided to press for repayments that Clinton Cards cannot meet.
In March, the company reported a loss of £3.7m for the six months to the end of January, with the outlook for 2012 worse than previously thought.
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