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| Version 2 | Version 3 |
|---|---|
| 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 card maker American Greetings, has bought its brands and assets, administrators Zolfo Cooper said. | Lakeshore Lending Limited, a subsidiary of card maker American Greetings, has bought its brands and assets, administrators Zolfo Cooper said. |
| Clinton 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. |
| Through its UK subsidiary, Ohio-based American Greetings had already acquired $56m (£36m) of Clinton's senior secured debt. | Through its UK subsidiary, Ohio-based American Greetings had already acquired $56m (£36m) of Clinton's senior secured debt. |
| This made it a preferential creditor and gave it a strong position in the sale talks. | |
| The US firm is over 100 years old and has been Clinton's major supplier for 40 years. | 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. | 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." | 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. | It generates annual revenues of around $1.7bn. |
| Do you work at Clinton cards? How do you feel about the deal with Lakeshore Lending Limited? You can get in touch using the form below: |