WORKERS at Clinton Cards’ three Milton Keynes based stores face an uncertain future after the company went into administration.
The UK’s largest specialist retailer of cards released a statement yesterday morning saying the company’s largest supplier American Greetings was likely to take steps to place it into administration.
And the final decision was made just after 4pm.
The retailer has stores in Winchester Circle in the Kingston Centre; Silbury Arcade in Central Milton Keynes and Queensway in Bletchley. It is not yet clear how many jobs will be affected.
Dealings in Clinton’s shares were suspended after Barclays Bank and the Royal Bank of Scotland sold the company’s loan facilities to American Greetings on Tuesday night.
In all, Clinton Cards owed £35 million.
A statement from the company said: “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.”