Clinton Cards has suspended its shares this morning and has said it expects to be in administration. Today was expected to be the day that the firm would publish its strategic review with a closure programme or possible CVA for its loss making stores being announced. However, quite dramatically, according to reports, the business is likely to be forced into administration by American Greetings, its main supplier, that took on £35m of debt from its lenders. Clinton Cards employs 4800 people in 629 stores.
update: Clinton Cards has confirmed in an announcement that this is indeed the case.
The business is likely to be sold out of administration or even a CVA with the non profitable stores closed down.
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