WAKEFIELD-based greetings card retailer, Card Factory, has put together a rescue package that will save 500 jobs and potentially create up to 400 new positions.
Fellow card retailer, Celebrations Group, which owns the Card Warehouse and Card Fair brands, went into administration last month causing the potential loss of 1,700 jobs nationwide.
Card Factory has stepped in to take over almost 80 of the Group's 280 stores.
Richard Hayes, managing director of Card Factory, said: "The Celebrations stores purchased provide a good fit with our existing footprint and enhance our national presence.
"To achieve this and at the same time save over 500 jobs is very pleasing for us.
"In uncertain economic times the general public demands ever increasing quality but also wants to see better value for money. Card Factory has always worked on both principles and that has lead to the company becoming the fastest growing card retailer in the UK today."
Card Factory was established in 1997 and has been on the UK's high streets for over ten years.
It sells greetings cards, gifts, plush items, novelties and gift wrap.
It currently has approximately 400 stores nationwide and employs in the region of 4,000 people.