Wednesday 9th May, 2012
In another blow to a beleaguered UK high street, Clinton Cards has slipped into administration as its largest supplier has called time on its debt. US supplier American Greetings bought up outstanding loans from the company's banks (RBS and Barclays) and immediately called them in.
A spokesperson for Clinton Cards said, "Having secured control of the 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".
In a move which is could see the supplier expand its reach into the UK market, it remains to be seen what will happen with the several thousand jobs at risk.