With over 600 stores employing over 8,000 staff around the UK and the largest specialist card retailer, Clinton Cards expects to go into administration, making them the latest UK high street casualty.
Clinton’s banks – Barclays and RBS sold it £35million debt to US greeting card retailer American Greeting.
Clinton Cards had expected American Greetings to offer them support however their board intend to enforce the loan which will put the company into administration.
Figures released show that like for like sales in the past 14 weeks is down by 3.5%.
It is hoped that the stores will continue to run as normal while a buyer is sought, however many stores may be closed.
Founded in 1968 when Don Lewin (the present chairman) opened his first store in Epping and growing to 77 shops by 1988 when it was floated on the stock market.
The company continued to grow and by 1994 they had increased to 277 stores, and continued their expansion acquiring 83 stores from Hallmark Cards, 112 stores from Carlton Cards and a further 211 stores when they bought GSG Holdings Ltd entire share capital.
Their final acquisition was The Birthday Group’s 170 stores which they managed as a separate brand.
Clinton Cards offered a wide range of cards for all occasions plus a range of small toys, wrapping paper etc.
What do you think?
Will you miss Clinton Cards?
Were their prices to high?
Did the post office postal rates increase damaged card sales?
Did the increase in online card retailers and e-cards affected sales?
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