Two stores at risk after chain announces administration

Report by Alex Evans, Reporter Wednesday, May 9, 2012
10:17 AM

TWO stores in Weston could be at risk after a national company announced plans to enter administration.

Clinton Cards PLC, which owns both Clinton Cards and Birthdays card shops in the Sovereign Shopping Centre, announced on Wednesday that it expects to be placed into administration, with trading of its shares suspended.

The move comes after banks sold the company’s £35million of debt to another company, American Greetings, which then asked it to pay.

A statement issued by Clinton Cards said: “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.”

It is not yet known what effect the announcement may have on the two Weston stores, or the company’s 8,000 staff nationwide.

Staff at Clinton Cards were approached by the Mercury but declined to comment.

The news comes after Game Group PLC went into administration last month, closing a store on Weston’s High Street and making staff redundant overnight.

4 comments

Sad news, but knowing what the rates & rent of the Sovereign Centre are, one could ask, is it sensible kind of business model, although trading with 2 brands, to have them competing directly opposite each other?

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TrueWestonian

Wednesday, May 9, 2012
moonpig.caaaaaaaam

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Gonetothebeach

Wednesday, May 9, 2012
Overpriced card shops can't compete with internet equivalents and pound shop bargains. More room for pawnbrokers and charity shops? Weston town centre is a horrible place already full of chavs, hoodies and pram-faces. Hate it here now.

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weston41

Wednesday, May 9, 2012
One world crippled by debt. Sad times.

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Weston2010

Wednesday, May 9, 2012