Clinton Cards stores saved (From The Oxford Times)
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Clinton Cards stores saved
2:59pm Thursday 7th June 2012 in Business
By Andrew Smith, Business Editor. Call me on 01865 425460
About 60 workers at the Oxfordshire branches of stricken retailer Clinton Cards have had their jobs saved after the company was bought by an American firm.
Ohio-based American Greetings, which has been one of Clinton's biggest suppliers, will take on the brands and assets of the high street chain, which collapsed into administration a month ago with about 400 stores out of more than 700 nationally being saved.
They include branches in the Westgate Centre, Oxford; Woolgate Centre, Witney; Sheep Street, Bicester; Buttermarket, Thame; Castle Quay, Banbury, and Bell Street, Henley.
Joint administrator Peter Saville of specialist finance firm Zolfo Cooper said: “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.”
American Greetings chief executive Zev Weiss <<ok>> added: “"We believe that properly managed, and with the appropriate capital structure, Clinton Cards can be both an important and profitable retailer in the speciality channel of distribution over the long term."
Zolfo Cooper had already announced the closure of around 350 stores, costing the jobs of nearly 3,000 full and part-time staff.
