Clinton Cards rescued from administration


Click to follow
The Independent Online

Clinton Cards has been rescued out of administration by American Greetings, saving 4,500 jobs at the UK card retailer.

American Greetings, a supplier to Clintons and its biggest creditor, acquired the retailer's debt of £35m last month. But after Clintons was unable to repay its debts, the accountancy firm Zolfo Cooper was swiftly hired as administrator.

A subsidiary of American Greetings has acquired the brand, assets and 397 stores of Clintons but more than 350 shops have already been closed.