THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
American Greetings buys Clinton Cards stores

Administrators for the collapsed greeting cards chain Clinton Cards have announced that American Greetings is to buy more than half of the remaining stores. The move will save around 4,500 jobs across the UK.

GENERAL MERCHANDISE

American Greetings buys Clinton Cards stores

Lakeshore Lending Limited, a subsidiary of American Greetings Corporation, will acquire the brands and assets of Clinton Cards as well as 397 stores.

American Greetings, which was previously one of the Clinton's biggest suppliers, bought the retailer's £35 million bank debt last month making it a preferential creditor and placing it in a strong position in sale talks.

Following Clinton's collapse, administrators Zolfo Cooper announced the closure of 350 shops with the loss of nearly 3,000 full and part-time jobs.

Zev Weiss, the chief executive of American Greetings, said: "We are pleased to welcome these stores, the Clinton Cards brand, and the approximately 4,500 employees as members of the American Greetings family.

"We believe that properly managed, and with the appropriate capital structure, Clinton Cards can be both an important and profitable retailer in the speciality channel of distribution over the long term."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing