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.
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.”
