WESTLAKE, OH—American Greetings Corp., the holiday card giant, has halted its action to move into a new $200 million headquarters complex here, as the companywith a takeover bid by executives.
CEO Zev Weiss and COO Jeffrey Weiss announced a $581 million buyout offer for the company in September. The company had been working on the move from its current Cleveland-area headquarters in Brooklyn, Ohio, since spring of 2011.
In a statement, the company’s board of directors said that it they will temporarily delay the project in light of the proposal to take the company private. “American Greetings believes that the delay will be short and will have no material adverse impact on the company,” according to the statement.
The headquarters was supposed to be a centerpiece for the new mixed-use Crocker Park, being developed by Cleveland-based Stark Enterprises. Robert Stark, CEO, said in a statement about the card company’s delay that he understands it’s not the best time to complete the move transaction.
"We continue to actively work on the project with the City of Westlake and American Greetings in anticipation of a closing and commencing ofin the first quarter of 2013,” Stark said. “The original schedule for the new $400 million expansion of Crocker Park and the opening of new retail stores and apartments at Crocker Park in 2014 remains the same."