 | |
| Clintons | |
| Formerly | Clinton Cards |
| Company type | Subsidiary |
| Industry | Greeting card |
| Founded | 1968 |
| Founder | Don Lewin |
| Headquarters | Loughton, Essex, England |
| Parent | American Greetings (2012–2018) Weiss Family (2018–2019) Esquire Retail Limited (2019–) |
| Website | www |
Clintons, previously branded as Clinton Cards, is a chain of stores in the UK founded in 1968 by Don Lewin[1] and best known for selling greeting cards. It also sells soft toys and related gift products.
It was listed on the London Stock Exchange and was a constituent of the FTSE Fledgling Index. On 9 May 2012 the company entered administration[2] and following the closure of 350 branches, the company was bought by American Greetings.
The company fell into administration in 2012 and 2019, and was purchased both times by companies owned by the Weiss family.[3]
Clintons is managed by Eddie Shepard,[4] from American Greetings’ subsidiary, Schurman Retail Group.[5]
Starting in July 2012, the company began the gradual introduction of a new store design and logo, which removed the previous ‘Clinton Cards’ branding, replacing it with the new ‘Clintons’ name.[5][6]
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Transcription
History
Clinton Cards was founded in 1968 when Don Lewin OBE opened his first shop in Epping, Essex.[citation needed] The business grew to 77 shops by 1988 and was then successfully floated on the London Stock Exchange.
In 2004, the company purchased the Birthdays chain of card and party shops for £46.4million, but placed the subsidiary into administration in 2009, subsequently buying back 140 of the 332 stores.[7]
In May 2012, the company's main supplier American Greetings bought £36 million of Clintons debt from its main lending banks, and immediately called in the debt for payment.[8] Clinton Cards was unable to make the payment and entered administration on 9 May, with Peter Saville, Simon Freakley and Anne O’Keefe of Zolfo Cooper LLP, appointed as Joint Administrators of the Company. A week later 350 branches were closed, including all the Birthdays branches, and the remaining 397 stores were purchased in June 2012 by US based American Greetings' subsidiary Lakeshore Lending Limited.[9] In October 2012, 12 stores were disposed of and sold to its main rival Card Factory.
In August 2023, Clintons was once again facing financial difficulties; the company appointed advisors to help it avoid insolvency and looked to close 38 of its 179 shops.[10]
See also
References
- ^ "Card shop folds: 8,000 high street jobs at risk as Clinton Cards sinks into administration". The Mirror. 10 May 2012. Retrieved 7 June 2012.
- ^ James Thompson (29 April 2012). "Clinton Cards in turnaround struggle". The Independent. Retrieved 9 May 2012.
- ^ "Clintons cards saved in pre-pack deal". 5 December 2019. Retrieved 23 November 2020.
- ^ "Eddie Shepherd takes over as ceo of Clintons". Retrieved 31 October 2017.
- ^ a b Emma Simpson (24 December 2012). "Clinton Cards has a new look, but can its reinvention work?". BBC News. Retrieved 18 October 2013.
- ^ "About us". Clinton Cards. Retrieved 2 September 2012.
- ^ "Clinton Cards set to buy back Birthdays stores after collapse". The Independent. 17 June 2009. Archived from the original on 20 June 2009. Retrieved 7 June 2012.
- ^ Rowley, Emma (7 June 2012). "American Greetings deal 'saves 4,500 Clinton Cards jobs'". The Telegraph. Retrieved 8 November 2015.
- ^ "Clinton Cards sold to US firm American Greetings". BBC News. 7 June 2012. Retrieved 7 June 2012.
- ^ Joanna Partridge (4 August 2023). "Card retailer Clintons 'looking to close a fifth of stores' to avoid going bust". The Guardian. Retrieved 4 August 2023.
External links
This page was last edited on 4 March 2024, at 14:37