The decision comes after Barclays and The Royal Bank of Scotland sold £35 million worth of loans to the company's biggest supplier, American greetings. Despite employing more than 8,000 staff and a number of stores being set to close, administrators will continue to run existing stores and seek a buyer for the business. Despite this, Clintons has suffered increasing losses as of late against stiff competition, such as cheaper supermarket card stockists and the rise of personalist greetings cards from Moonpig and Funky Pigeon.
Clinton's is not the only high street to reach dire trading. Video games retailer Game, fashion chain Peacocks and outdoor specialist Black Leisure have all fallen victim to the recession's blow to the high street.
In terms of the figures, Clinton's had a recordedpre-tax loss of £3.7m in the 26 weeks to 26th January, compared with profits of £11.7m in the previous year. Also, their shares have lost more than 80% of their value since 2010.
The Clinton's Chain was founded in 1968, with the first store opening in Epping, Essex by founder Don Lewin. In 1988 it had 77 stores, acquiring numerous acquistions over the years such as Hallmark Cards and The Birthday Group.
Source: The Guardian