Clinton Cards preparing for administration

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CLINTON Cards, which has branches across West Sussex, has said it expects its largest supplier to take steps to place the company into administration.

As a result it has asked for dealings in its shares to be suspensed immediately.

A statements says that ‘having taken control of Clintons 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’.

Clintons said that having completed a strategic review, the Board had recognised the need to restructure the business and had been expecting 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.