Fri, 08 Jun 2012 | ADMINISTRATION
Clinton Cards' supplier American Greetings has bought over half of the ailing retailer’s stores out of administration and on time – the administrators’ deadline for a sale was 8 June.
Administrator Zolfo Cooper announced yesterday that the US cards business has put $37 million on the table to buy Clinton’s brand, assets and 397 shops. The move will save about 4,500 jobs.
Over 350 of Clinton’s stores, that had 2,800 staff, are to be closed by the administrators, which would cut its estate in half. Zolfo Cooper is, however, inviting expressions of interest in this portion of the store portfolio.
Peter Saville of Zolfo Cooper told the Financial Times, “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.”
Clintons was stung by its own ambitious move to increase its presence on the high street in the boom times pre-credit crunch. A very large rent bill and increasing competition from new online card retailers brought the retailer to its knees.
A liquidation process for the remaining stores would generate $19 million to pay off the creditors.
Previous story - Clinton Cards sale deadline approaching.
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