Hundreds of Hampshire jobs at risk as Clinton Cards enters administration (From Daily Echo)
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Hundreds of Hampshire jobs at risk as Clinton Cards enters administration
4:33pm Wednesday 9th May 2012 in Business
By Matt Smith, Politics and business reporter
Hundreds of Hampshire jobs at risk as Clinton Cards goes into administration
Retailer Clinton Cards has collapsed into administration, putting hundreds of Hampshire jobs at risk.
Administrators at Zolfo Cooper warned it was likely that ''a number of stores'' will need to be closed to make the business viable.
Clinton, which has 25 stores in Hampshire including in Southampton, Eastleigh and Winchester, has been fighting for survival after failing to find a buyer for the company, or parts of the group.
The retailer, which operates 628 Clinton and 139 Birthdays stores, earlier said it had requested that its shares be suspended on the London Stock Exchange.
The move came after its banks – Barclays and taxpayer-backed Royal Bank of Scotland – sold the company’s £35m of loans to its biggest supplier, American Greetings.
But whereas the banks waived certain loan conditions, American Greetings told Clinton it would enforce the loans and push the company into administration.
Zolfo Cooper said the group had made losses of £130 million since 2004 and it was ''likely that a number of stores would need to be closed to make the business financially viable''.
The administrators added: “However, Clinton Cards and Birthdays are very well-known brands on the high street and we believe that there is a strong underlying core business. We are therefore confident that it is an attractive proposition for a range of potential buyers and welcome expressions of interest from third parties.”
The collapse of the firm jeopardises more than 8,000 jobs.
Clinton Cards reported a loss of £3.6m in the six months to January 29 after making a profit of £11.7m for the same period a year ago.
Comments(10)
Solomon's Boot
says...
5:29pm Wed 9 May 12
BillyTheKid
says...
6:14pm Wed 9 May 12
So, Clintons. Into Room 101 !
Gainer T Gopher
says...
6:47pm Wed 9 May 12
good-gosh
says...
8:08pm Wed 9 May 12
Linesman
says...
8:25pm Wed 9 May 12
Huffter
says...
9:38pm Wed 9 May 12
Linesman wrote:And just how many people in the public sector have lost their jobs selling greetings cards?
So much for the private sector providing jobs for those made redundant in the public sector.
Linesman
says...
10:56pm Wed 9 May 12
Huffter wrote:The chances are that, with some of the shops being closed by the administrator, there will be quite a few.
Linesman wrote:And just how many people in the public sector have lost their jobs selling greetings cards?
So much for the private sector providing jobs for those made redundant in the public sector.
Georgem
says...
11:55pm Wed 9 May 12
Linesman wrote:Congratulations, you win Kneejerkingest Comment Of The Week.
So much for the private sector providing jobs for those made redundant in the public sector.
We thank you profusely for your services to not-thinking-for-you
rself.
Shoong
says...
12:53pm Thu 10 May 12
Georgem wrote:Not sure what was more inevitable, the comment itself or the fact that it was copied from someone else on the last Clinton story.
Linesman wrote:Congratulations, you win Kneejerkingest Comment Of The Week.
So much for the private sector providing jobs for those made redundant in the public sector.
We thank you profusely for your services to not-thinking-for-you
rself.
Sad.
Family Man says...
5:00pm Wed 9 May 12