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When I was young, I delayed prosperity for my country.

woensdag, mei 09, 2012

Clinton Cards in administration

Branch of ClintonsClinton Cards lost �3.7m in the six months to the end of January

Clinton Cards has warned it expects its largest supplier to begin steps to place the troubled retailer into administration later on Wednesday.

As a result, the company said it had requested for trading in its shares to be suspended with immediate effect.

It said two of its banks sold �35m of loans to supplier American Greetings.

In March, Clinton reported a loss of �3.7m for the six months to the end of January and said the outlook for 2012 was worse than previously thought.

The company said Barclays Bank and Royal Bank of Scotland had sold its loan facilities to American Greetings.

It said that although it had not breached any covenants or repayment obligations, it had been given certain temporary waivers for "technical breaches".

Clinton said it believed that American Greetings would extend these waivers.

Source: http://www.bbc.co.uk/news/business-18002413#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

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