CLINTON cards, the troubled Debden-based retailer, has said it expects steps to be taken to place it into administration.
Two of the firm's bank sold loans totalling £35m to supplier American Greetings, which is now pressing for repayments Clinton Cards is unable to meet.
The company said it expected American Greetings to extend waivers previously granted by Barclays and Royal Bank of Scotland.
But in a statement, Clinton Cards said: "Having secured control of the debt, American Greetings immediately informed the board that it intended to enforce the loan against the company.
"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."
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