Clinton Cards enters administration

PUBLISHED: 17:41 09 May 2012

Clinton Cards

Clinton Cards

Archant

A GREETINGS card retailer, which has three stores across Welwyn Hatfield, has been placed in administration today (Wednesday).

Clinton Cards, which has branches in the Howard Centre, WGC, Hatfield town centre and the Galleria, also in Hatfield, has become the latest high street chain to fall victim to the difficult trading environment.

The company, which also owns the Birthdays stores, currently operates 767 shops across the country.

But that is almost certain to change, after the firm was unable to pay back £35m worth of loans to its largest supplier.

Earlier today, Clinton announced that two of its banks, Barclays and the Royal Bank of Scotland, had sold its loan facilities to supplier American Greetings.

In a statement by the Clinton board, the firm had expected the supplier to extend a waiver of technical breaches of the loan agreement.

Instead, American Greetings enforced the loan against Clinton.

“Having secured control of the debt, American Greetings immediately informed the Board that it intended to enforce the loan against the Company and the Board has concluded that because it is unable to repay the loan it has no option but to concur with American Greetings proposal to place the Company and its subsidiaries into administration,” the statement said.

The statement also said that Clinton had recently completed a strategic review of it’s business, and had planned to “review its business plans and strategy with its stakeholders and exploring ways to produce a better outcome for the Company’s stakeholders as a whole.”

The WHT has contacted Clinton Cards about the future of the three Welwyn Hatfield stores.

Comments have been disabled on this article.

More news stories

Yesterday, 17:00

The Urban Soul Orchestra is set to release a Classic Ibiza album ahead of its Knebworth House performance next month.

Yesterday, 15:00

Two of Welwyn Hatfield’s county councillors have chosen to allocate some of their locality budgets.

Yesterday, 08:40

To help the citizens advice bureau raise awareness of scams, a vulnerable Welwyn Garden City woman has bravely spoken out about how she was bullied into having work done on her front garden.

Yesterday, 07:00

A great foodie day out for all the family is on the menu in Knebworth this weekend courtesy of the Great British Food Festival.

Digital Edition

Image
Read the Welwyn Hatfield Times e-edition E-edition

Local business directory

Hertfordshire's trusted business finder

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read stories

HOT JOBS

Show Job Lists

Herts Most Wanted Herts Business Awards