Reprieve for card chains after American buy out

Clinton Cards.
Clinton Cards.

TWO card chains have been saved after an American firm had a takeover bid approved today.

Clintons Cards and Birthdays which have stores in Lakeside and the Frenchgate Centre have been taken over today by Lakeshore Lending Limited a subsidiary company of the American Greetings Corporation, saving more than 4,000 jobs nationwide.

The firm has been under the control of administrators Zolfo Cooper since May.

Administrator 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 Clintons Cards.

“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.”

A handful of stores across the country will remain in the hands of the administrators and are expected to close over the coming months.