Blow for high street as Clinton Cards nears administration

The cards and gifts retailer has announced it expects to enter administration after its largest American supplier American Greetings called in loans.
Clinton Cards, which has stores in Northbrook Street and Kennet Shopping centre, said in a statement that it had breached of some conditions of £35 million loans and could not repay them.
It said Barclays and Royal Bank of Scotland had sold the loans on, pulling the rug from under the one-time market leader, largest specialist retailer of greetings cards with more than 650 shops and 4800 employees, and also trades under more than 170 Birthdays branded stores.
"However, having secured control of the debt, American Greetings immediately informed the board that it intended to enforce the loan against the company and 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," the group yesterday (Wednesday).
The firm, founded in 1968, had been due to announced results of a strategic review into how it would deal with difficult trading conditions and competition from online retailers and supermarkets.
Almost 80 per cent has been wiped off its share price since 2010.
It is another blow for the Kennet centre, which has been hit with the loss of several big names in recent years as disposable incomes shrink and store chains are pushed to the brink.