American Greetings Announces Acquisition Of Senior Secured Debt Of Clinton Cards PLC

American Greetings Corporation

today announced that it has acquired all of the outstanding senior secured debt of Clinton Cards PLC ("Clinton Cards") for approximately $56 million (approximately 35 million pounds Sterling) through a subsidiary in the United Kingdom ("UK"). Clinton Cards, one of the largest specialty retailers of greetings cards in the UK, has approximately 750 stores and annual revenues of approximately $600 million (approximately 364 million pounds excluding VAT) across its two primary retail brands, Clinton Cards and Birthdays. The legacy Clinton Cards business has been an important customer to American Greetings' international business for approximately forty years, and is one of American Greetings' largest customers.