CONCERNED staff and shareholders of Clinton Cards have been reassured that the high street chain will not be going into receivership, despite share prices crashing in 2008.

Businesses including Adams Kids, M&S, Viyella, Woolworths and Zavvi have all recently announced job cuts, gone into administration or closed down.

The share price of Clinton Cards, which has premises in Northwich on Witton Street and in Winsford on Dingle Walk, dropped from 63p to 6.5p last year, while the company is reported to be £60m in debt.

But despite the strangling effects of the financial downturn and decreased footfall, the firm, which recently acquired rival Birthdays, is confident it will continue to trade this year.

Spokesman Nick Diddon said: “We appreciate that there is a lot of concern on the high street due to the fact that Clinton’s have a high level of debt, but we certainly will not be going into receivership.”