American Greetings buys up UK's Clinton Cards

[June 08, 2012]  LONDON (AP) -- British greeting cards retailer Clinton Cards has been bought out of administration by Ohio-based American Greetings.

Administrators Zolfo Cooper says Thursday that the U.S. retailer, which had been one of Clinton's biggest suppliers, will take on the brands and assets of the chain.

Clinton Cards, the largest specialist greeting card retailer in Britain, was placed into administration in early May, when Zolfo Cooper said 350 out of the chain's more than 700 stores would close.

American Greetings had already acquired Clinton's 35 million pound (US$56 million) bank debt through its U.K. subsidiary, making it a preferential creditor and giving it a strong position in sale talks.

[Associated Press]

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