Partner Article

Clinton Cards to be bought by American retailer

The remaining parts of Clinton Cards are expected to be bought by an American card firm later this week.

Recent reports indicate that American Greetings, who have previously been Clinton’s biggest suppliers, are set to buy up to 400 stores.

The stricken card retailer, which includes Clinton Cards and Birthdays has around 750 outlets in the UK. Administrator Zolfo Cooper has previously said that 350 shops will close, resulting in nearly 3,000 full and part time staff losing their jobs.

It is hoped that the sale will be completed by Friday, after American Greetings took on Clinton’s £35 million bank debt. This made the firm the preferential creditor and strengthened its position in sale talks.

The firm is unlikely to pay anything for the stores, according to the Sunday Times.

If the sale does go through, American Greetings in expected to retain the business as a separate retailer. The two businesses have had a trading relationship for the past 40 years.

Prior to its collapse, Clintons was the UK’s largest specialist retailer of greetings cars. Since 2004, the firm has made losses of £130 million.

This was posted in Bdaily's Members' News section by Ruth Mitchell .