Two stores at risk after chain announces administration
PUBLISHED: 10:17 09 May 2012 | UPDATED: 11:56 09 May 2012
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.
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