JOBS at the Sudbury branch of Clinton Cards have been saved after nearly 400 of the firm’s stores were sold to an American greeting card company.
The town’s store in North Street, which employs eight people, was included in a sale of 397 stores to Lakeshore Lending Limited, a subsidiary of card maker American Greeting.
Clinton’s Halstead branch was also included in the sale on Thursday.
The move is expected to save around 4,500 jobs across the country with the deal being made by Zolfo Cooper – which was appointed administrator for Clinton Cards when the company collapsed last month.
This came after the retailer’s largest supplier – American Greetings – bought its £35million debt and immediately asked for repayment, which it could not afford.
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, 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.”
Despite the sale, a number of Clinton’s stores still remain in the hands of the administrators and these shops are expected to close unless a buyer can be found.