Published at 09:42, Friday, 08 June 2012

WHITEHAVEN’S Clinton Cards has been bought by Lakeshore Lending Ltd.

It is one of nearly 400 stores sold to the company which is a subsidiary of American Greetings Corporation.

The sale comprises the brands and assets of Clinton Cards, including 397 stores nationwide contributing approximately £212 million in annual revenues, and will preserve approximately 4,500 jobs across the UK.

It follows the closure of 350 Clinton stores across the country.

Peter Saville, Joint Administrator and Partner at Zolfo Cooper, 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.

“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.’’

Published by http://www.whitehavennews.co.uk