THOUSANDS of jobs have been saved across the country following the sale of Clinton Cards.
Administrators announced yesterday (Thursday) that it had sold the business to Lakeshore Lending Limited, a subsidiary of American Greetings Corporation.
The sale includes the brands and assets of Clinton Cards, including 397 stores contributing approximately £212 million in annual revenues, and will preserve approximately 4,500 jobs across the UK.
The Rugby store is one of the stores that has been saved from closure after the firm went into administration earlier this year.
Peter Saville, joint administrator and partner at Zolfo Cooper said: “We have always been of the view that despite an intensely competitive retail environment and what proved to be excessively ambitious expansion plans in recent years, there was a strong underlying business contained within Clinton Cards. The significant number of credible expressions of interest we received for the business we have sold today, from both trade and financial buyers
alike, is testament to this fact. We would like to thank the staff for their dedication and patience throughout what has been an understandably difficult time for all concerned and we wish both them and the new owners of the business every success for the future.”