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Uncertainty over Louth Clinton Cards store as firm head for administration

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CARD retailer Clinton Cards, which has a store in Louth, looks set to enter administration later today leaving staff futures unclear.

An announcement made by the company this morning stated that it expected its largest supplier, American Greetings Corporation, to place it into administration and requested an immediate suspension of shares.

Clintons has over 600 stores nationwide including a large store in Louth Market Place, as well as outlets in Skegness and Boston, employing around 8,000 people across the UK.

At present it is unclear whether stores will be closed or jobs will be lost.

The firm says it expects American Greetings to enforce the loan, which it cannot pay.

The statement said: “Having completed the strategic review, the board recognised the need to restructure the business and had been expecting to review its business plans and strategy with its stakeholders and exploring ways to produce a better outcome for the company’s stakeholders as a whole.”

Speed Communications, who are handling press enquiries on behalf of Clinton Cards, would not comment on individual stores and the likelihood of them closing.

The store in Louth was trading as normal today (Wednesday).

Louth’s Peacocks store also appeared to be on the ropes back in February but the company was saved after a buyout from the Edinburgh Woollen Mill.

Further updates will be published on the Leader website as soon as they happen.

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