Loughton: Clinton Cards On The Brink
Essex-based Clinton Cards is set to lose its fight for survival after its largest supplier said it will force it into administration later today.
The retailer, which operates 628 Clintons and 139 Birthdays stores, has requested that its shares be suspended on the London Stock Exchange.
The move comes after its banks - Barclays and taxpayer-backed Royal Bank of Scotland - sold the company's £35 million of loans to its biggest supplier, American Greetings.
But whereas the banks waived certain loan conditions, American Greetings has said it will push the company into administration today.
Clintons is the UK's biggest card retailer and employs more than 8,000 staff at its Loughton headquarters and around the country.
It is understood that administrators would continue to run the stores as normal while seeking a buyer for the business, but large number of stores could be closed.
Clintons has suffered dire trading in recent months as it comes up against stiff competition from supermarkets and online retailers such as Funky Pigeon and Moonpig, which sell personalised cards.
The chain was founded in 1968 when Don Lewin opened the first store in Epping.
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