Clintons on brink of administration

Clintons on brink of administration

Embattled UK retailer Clinton Cards is set to lose its fight for survival after its largest supplier said it will force it into administration later today.

The retailer, which operates 628 Clintons and 139 Birthdays stores, has requested that its shares be suspended on the London Stock Exchange.

The move comes after its banks – Barclays and taxpayer-backed Royal Bank of Scotland – sold the company’s £35m (€43m) of loans to its biggest supplier, American Greetings.

But whereas the banks waived certain loan conditions, American Greetings has said it will push the company into administration today.

Clinton's Irish business was put into liquidation last year.

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