US buyer hopes Clinton Cards will get well soon

A 'congratulations' card is surely in store for troubled High Street retailer Clinton Cards, which has been rescued by an American greetings card firm.

The deal means 397 branches, along with 4,500 jobs, have been saved.

American Greetings, which has been one of the firm's biggest suppliers, precipitated Clinton's demise by purchasing the UK company's £35m bank debt, putting it in the top spot during sale talks.

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Clinton, which went into administration a month ago, previously announced the closure of 350 of the stores and the job losses of 3,000 full and part time staff. Of these, 44 stores shut at the end of May.

The Chief Executive of American Greetings said: "We believe that properly managed, and with the appropriate capital structure, Clinton Cards can be both an important and profitable retailer in the speciality channel of distribution over the long term."

The collapse of Clinton followed the demise of fellow High Street chains Blacks Leisure, Peacocks and Game Group.

American Greetings has been operating for over 100 years and generates revenues of around £1.1bn annually.

NR