GENERAL MERCHANDISE NEWS
OFT to examine American Greetings’ acquisition of Clinton Cards
23 July, 2012 | by Retail Bulletin
The acquisition of 397 Clinton Cards stores by American Greetings is to be investigated by the Office of Fair Trading.
The US based company bought the stores in a £23 million deal last month after Clintons collapsed into administration. American Greetings was the card retailer’s largest creditor.
The deal, which saved 4,500 jobs, included the brands and assets of Clinton Cards which generate £212 million in annual revenues.
The Office of Fair Trading said it will be considering if the acquisition qualifies as a relevant merger situation under the Enterprise Act 2002 and, if so, whether the deal will result in a “substantial lessening of competition.”
