The future for staff at Clinton Cards stores hangs in the balance.
The firm, which employs 18 staff across two shops in Hemel Hempstead, and five employees in Berkhamsted, went into administration last Wednesday.
Joint administrator Peter Saville said: “Our first priority is to stabilise the business and assess its financial position.
“We will continue to trade the business whilst we undertake a full marketing exercise to find buyers for all or parts of the group so that the best possible outcome can be achieved for stakeholders.
“It is likely that a number of stores will need to be closed in order to make the business financially viable.”
He added that he thinks Clinton Cards will be an attractive proposition for potential buyers.