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Clinton Cards rescued in US deal
Thursday June 7th 2012
The remains of high street chain Clinton Cards has snapped up by an American greetings cards firm in a deal saving 397 stores and 4,500 jobs.
Ohio-based American Greetings, which has been one of Clinton's biggest suppliers, will take on the brands and assets of the retailer, which collapsed into administration a month ago.
Zolfo Cooper, the administrator, has already announced the closure of around 350 stores, costing the jobs of nearly 3,000 full- and part-time staff.
American Greetings placed itself in pole position to buy the chain after it snapped up Clinton's £35 million bank debt, making it a preferential creditor and giving it a strong position in sale talks.
The US company's UK Greetings operation, which is based in Dewsbury, West Yorkshire, has the brands Camden Graphics, Hanson White, Forget Me Not and Xpressions and supplies outlets including major supermarkets.
The final number of stores acquired will be dependent on negotiations with landlords at each location.
Its chief executive Zev Weiss 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."
Copyright Press Association 2012
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