Does anyone know why the shares have fallen today despite Christmas coming, past year's increased trading and new stores opened?

..Clinton Cards axes 2,800 jobs

By Harry Wallop | Telegraph – 51 minutes ago


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Nearly 3,000 Clinton Cards (LSE: CC.L - news) employees are to lose their jobs over the next two weeks, the administrator of the stricken retailer has warned.

By the start of June about 350 of the 784 shops run by Clinton Cards will be shut, affecting 2,800 full-time and part-time employees.

There was a hope that the greetings card company would continue to trade more or less unaffected, as the administrator sought a buyer for all or parts of the business. However,

Peter Saville, joint administrator and partner at Zolfo Cooper said: “Given the sheer size of the Clinton Cards retail estate and the overall performance, we were left with no alternative to today’s difficult decision. I am hopeful that the action we have taken will allow us to preserve value in the core underlying business, thereby allowing us and potential buyers to focus on a profitable and viable retail estate going forward.”

The axed shops include all of the 150 Birthdays retail outlets, and about 200 Clinton branded shops.

The company collapsed earlier this month, unable to pay its annual rental bill of £80m and estimated debts of about £100m.

The plug was pulled when its chief supplier, American Greetings, who was already owed £25m for unpaid stock, bought £35m of Clinton’s debt from the banks.

It then immediately called in the debt, triggering the administration.

The supplier is a possible bidder, alongside WHSmith and rival Card Factory.

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Surprise, surprise. We've been robbed!

Clinton Cards sold to US firm American Greetings

http://www.bbc.co.uk/news/business-18356057

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