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Town card shop saved from closure
Thursday, 21 June 2012
A TAVISTOCK card shop is one of those that has been saved from closure after a national chain company went into administration last month.
Clinton Cards in Tavistock is one of 397 stores that was sold out of administration to an American firm.
Zolfo Cooper was appointed administrator over Clinton Cards Plc and its subsidiaries at the beginning of May.
As part of the administrator’s strategy, a decision was made to announce a nationwide store closure programme to create a core estate of around 400 stores from the 750-plus Clinton outlets.
The business has now been sold to Lakeshore Lending Ltd, a subsidiary of American Greetings Corporation which has been manufacturing innovative social expression products for more than 100 years.
The sale comprises the brands and assets of Clinton Cards, including the 397 stores contributing approximately £212-million in annual revenues, and will preserve approximately 4,500 jobs across the UK.
Peter Saville, joint administrator and partner at Zolfo Cooper said: ‘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.’
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