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Card shops saved after buy-out
7:30pm Friday 8th June 2012 in Business
DOZENS of workers at the county 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.
Clinton Cards went into administration a month ago but now 400 stores out of more than 700 nationally are due to be saved.
They include branches in the Westgate Centre, Oxford; Woolgate Centre, Witney; Sheep Street, Bicester; Buttermarket, Thame; Castle Quay, Banbury, and Bell Street, Henley. Between them they employ about 60 people.
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.”
American Greetings chief executive Zev Weiss added: “We believe that properly managed, and with the appropriate capital structure, Clinton Cards can be both an important and profitable retailer.”