Breaking News: Skegness store saved in Clinton Cards buyout

0
Have your say

THE troubled greetings card firm Clinton Cards has been sold to a US firm - safeguarding the future of hundreds of stores nationwide, including one in Skegness.

Lakeshore Lending Limited, a subsidiary of American Greetings Corporation has bought almost 400 of the firm’s stores, saving around 4,500 jobs.

Administrators Zolfo Cooper announced the deal shortly before lunchtime.

Zolfo Cooper’s Peter Saville 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,” he added.

The news of the sale brings a positive end to a month of speculation over Clinton Cards’ future after it entered administration on May 9.

At the time it boasted over 750 stores across the Clinton Cards and Birthdays brands.

It now has roughly 400 stores after administrators culled the least profitable outlets. The Skegness Clinton Cards store on Lumley Road is one of the stores which survived the axe and is among those which have been taken over by Lakeshore Lending Limited.

It is understood that the administrators will continue to try to find a buyer for the remaining/closed stores.