Greetings card specialist retailer Clintons Cards has returned to profit, a year after collapsing into administration amid falling sales, it has been reported.
According to The Times, the retailer has traded above owner American Greetings‘ expectations after cutting over 4,000 jobs and diminishing its bricks & mortar portfolio.
US card & gift giant American Greetings saved the retailer in June last year after purchasing £35 million worth of loans owned by Clintons from lenders Barclays Bank and the Royal Bank of Scotland before enforcing the loan against the retailer, forcing it to enter administration.
Over 230 Clintons stores across the UK were closed and Clintons‘ CEO Dominique Schurman praised the retailer‘s new strategy to broaden its gift range away from soft toys, adding that its rebranding had also helped buoy sales.
“We have introduced new segments that the business never offered before, to further enhance the selections – not only cards, wrap and paper, but in gifting,” Schurman told the newspaper.
“Now you might buy a beautiful mug, a journal, a box of writing paper – things you would want to give your mum for Mother‘s Day other than a teddy bear that says ‘Mum‘.”
Sales at redesigned stores have increased by between 10 and 15 per cent and it is understood that Clintons is working on developing a personalised website to further strengthen its offering as it finds its footing in the market.
“There was very little normal business practice when we started,” conceded Schurman.
“The first priority was to stabilise the business, put forth a new strategy, create a vision for the company and the brand.”