Greetings Today magazine, giving you the bigger picture

Profit hope within two years

American Greetings set to invest £12m to turnaround Clintons

CLINTON Cards is expected to return to profit within twoyears following its takeover by American Greetings.

The Utah-based owner of UK Greetings has said it will be investing up to £12million in the next 18 months to two years to help the turnaround.
AG forecast a net increase in its £169m annual revenue and expects to deliver an operating profit during the 2014 fiscal year, but it will depend on the renegotiation of leases for Clinton stores.
However, analysts say it’s no clear what will happen if the new management don’t get big rent reductions as that seems to be a major part of the plan to limit Clinton’s trading loss to £6.4m this year and turn it into a decent profit within two years.
Meanwhile, administrators Zolfo Cooper has announced a further 17 closuress among the 330 Clinton’s and Birthdays stores AG didn’t buy.
The announcement leaves just 89 still trading after today.
The stores closing today are: Clintons - Dumfries, Loreburne Ctr; Hertford; Musselburgh, High St; Newry, The Quays; London, Strand; London, Victoria Stn. Birthdays – Biggleswade; Blackpool, Victoria St; Bolton, Middlebrook; Gateshead; Gravesend; Hastings; Lurgan; Oxford Pure Party; St Helens; Washington; York.

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