LazarusWatch: Clinton saved as American Greetings snap up remaining stores
It went into administration last month, but what remains of Clinton Cards has been saved after it was snapped up an American greeting card company. The deal means that 4,500 jobs will be saved and the 397 stores that have remained open since the administrators stormed in will live to fight another card-selling day.
But lo and behold – who are the mystery company who have bought the chain? Why it’s only Lakeshore Lending Limited, a subsidiary of American Greetings – the dudes who forced the administration in the first place by buying up a huge chunk of Clinton’s debt. What a murky piece of work that now looks.
But wait – will ALL of the stores and jobs be saved? Seemingly not. American Greetings have said that "negotiations with landlords at each respective location" will determine what happens to the stores and the company’s workers. So it looks like there’s more nail-biting ahead for Clinton’s workers.
TOPICS: High Street News