WORKSOP’S Clintons have been saved from closure after being bought out by a US greetings card company.
Lakeshore Lending Limited, a subsidiary of card maker American Greetings, has bought the remaining 397 stores across the UK - saving 4,500 jobs.
Clinton Cards was placed into administration on 9th May, with administrators Zolfo Cooper announcing a week later that 350 out of 784 stores would close - including all of its Birthdays-branded stores.
Joint administrator and partner at Zolfo Coopo Peter Saville said Clinton Cards always had a ‘strong’ business case to survive tough economic times.
“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,” he said.
“The significant number of credible expressions of interest we received for the business we have sold, from both trade and financial buyers alike, is testament to this fact.”
He added: “We would like to thank the staff for their dedication and patience throughout what has been an understandably difficult time for all concerned amd we wish both them and the new owners of the business every success for the future.”
Zolfo Cooper will now focus its efforts on the stores identified as part of the closure programme announced on 16th May 2012.
A company spokesman said: “As part of this exercise, the Joint Administrators contnue to welcome expressions of interest for this part of the estate, as a whole or in part.”