Two branches of Clinton Cards in Wrexham have received mixed fortunes today after part of the business was sold off to a US firm.
397 Clinton Cards stores were successfully sold to American Greetings by administrators Zolfo Cooper including the Eagles Meadow branch in Wrexham.
However, the future for staff at the Regent Street store still hangs in the balance as it currently remains with administrators.
It will come as welcome news though to the employees at Eagles Meadow who sounded bleak about the possibility of the store being rescued late last week.
American Greetings was one of Clintons biggest suppliers and has bought the company’s brands and assets via their subsidiary Lakeshore Lending Limited.
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.
“The significant number of credible expressions of interest we received for the business we have sold today, 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.”
Having concluded the sale of the core Clinton Cards business, the joint administrators will now focus their efforts on the store portfolio identified as part of the closure programme announced on 16 May 2012. Hopefully the future for the Regent Street store will become clearer during this time.
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