American Greetings set to buy remaining Clinton Cards stores
Reports have suggested that the US greeting card firm, once one of Clinton’s biggest suppliers, will buy up to 400 stores. American Greetings became a preferential creditor and placed itself in a strong position to acquire Clintons after buying the chain’s £35 million debt from Barclays and the Royal Bank of Scotland.
According to the Sunday Times, the deal is expected result in American Greetings paying nothing for the stores then running them as a separate business. It is hoped that the sale will be completed by Friday.
Following Clintons collapse into administration last month, administrators Zolfo Cooper are closing 350 stores which will result in the loss 3,000 jobs.
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