Report by James Franklin , Reporter
Thursday, June 7, 2012
A TOWN centre store in Weston has been saved after it was bought by an American firm.
Clinton Cards went into administration last month, leading to the closure of hundreds of Clinton Cards and Birthdays stores – including one in Weston’s Sovereign Shopping Centre.
But Weston’s Clinton Cards branch, also in the shopping centre, is one of 397 stores across the country which have been taken over by Lakeshore Lending Limited, a subsidiary of the American Greetings Corporation.
The move will preserve about 4,500 jobs across the country.
Administrators Zolfo Cooper, which handled the company’s administration and sale, say the new ‘core estate’ has left the company far better placed to challenge in the current economic climate, with the 397 stores expected to have an annual revenue of £212million.
Joint administrator and partner at Zolfo Cooper 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 underling business contained within Clinton Cards.
“The significant number of credible expressions of interest we received for the business we have sold, 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.”