Clinton Cards rescued from administration

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.