Clinton Cards enters administration

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.

0 comments

More news stories

09:20
Keira Wright and Tom

An 11-year-old girl from Hatfield was left distraught after her pet cat was shot with an air rifle.

Hatfield House will host The Game Fair 2017

Hatfield House will co-host the prestigious The Game Fair from next year, it has just been announced.

Hertfordshire commuters experience delays on the A1M this morning

Fast acting motorists helped rescue a woman from her car before it caught alight on the A1(M) this morning.

09:56
Pete Douthwaite's fundraising team from left to right: Michael Brown, Dan Rawlinson, Adam Sewell, Rosie Lee, Danny Turner, Courtney Melville, Luke Regan, Alex Hedison, Rachel Yaffe, Jack Lawrence Jones, Jacob Lee, Aisha Yerimah, Kris North, Michael Donkin, Max Spelzini and Louise Parker

A hashtag for 23-year-old Pete Douthwaite has been trending on Twitter in London.

Most read stories

Most commented stories

Local business directory

Hertfordshire's trusted business finder
HOT JOBS

Show Job Lists

Digital Edition

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

Newsletter Sign Up