American Greetings Buys 400 Clinton Cards Stores
Posted on June 7, 2012American Greetings has announced its has acquired certain assets from Clinton Cards PLC through a UK subsidiary. The assets include about 400 stores as well as the Clinton Cards and related brands. The final number of stores acquired will be dependent on negotiations with landlords at each respective location.
American Greetings CEO Zev Weiss says, "We are pleased to welcome these stores, the Clinton Cards brand, and the approximately 4,500 employees as members of the American Greetings family. As mentioned before, we believe that properly managed, and with the appropriate capital structure, Clinton Cards can be both an important and profitable retailer in the specialty channel of distribution over the long term. The separation of the acquired assets and business from the legal entity in administration is an important first step of this process. We have also lined-up a leadership team to run the new UK subsidiary that has extensive specialty retail channel experience."