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Clinton Cards sold to US firm American Greetings Clinton Cards sold to US firm American Greetings
(40 minutes later)
The remaining 397 Clinton Cards stores have been sold to a US greeting card company, saving 4,500 jobs.The remaining 397 Clinton Cards stores have been sold to a US greeting card company, saving 4,500 jobs.
Lakeshore Lending Limited, a subsidiary of American Greetings, has bought the brands and assets of Clintons, administrators Zolfo Cooper said. Lakeshore Lending Limited, a subsidiary of card maker American Greetings, has bought its brands and assets, administrators Zolfo Cooper said.
Cliinton Cards was placed into administration on 9 May. Clinton Cards was placed into administration on 9 May.
A week later, Zolfo Cooper announced that 350 out of a total of 784 stores would close, including all of its Birthdays-branded stores.A week later, Zolfo Cooper announced that 350 out of a total of 784 stores would close, including all of its Birthdays-branded stores.
The closures were expected to lead to the loss of 3,000 full or part-time jobs, said the administrators.The closures were expected to lead to the loss of 3,000 full or part-time jobs, said the administrators.
Card maker American Greetings, based in Ohio, has been one of Clinton's largest suppliers. Through its UK subsidiary, Ohio-based American Greetings had already acquired $56m (£36m) of Clinton's senior secured debt.
The US firm is over 100 years old and has been Clinton's major supplier for 40 years.
The company said the acquisition would generate revenues of about $315m a year, or $265m excluding revenues from the sale of American Greetings products.
Zev Weiss, American Greetings chief executive, 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."
It generates annual revenues of around $1.7bn.