Card Factory has bought 76 stores from greetings card retailer Celebrations, which fell into administration in October.

Administrator Zolfo Cooper Europe, formally known as Kroll Corporate Advisory & Restructuring Group, sold 76 of Celebrations' 288 stores to the competitor – which owns fascias including Card Warehouse and Cardfair – saving 500 jobs.

The remaining stores are being traded by the administrator over the Christmas period while options are being considered.

Zolfo Cooper Europe partner Peter Saville said: “In what has been a turbulent period for retailers, this sale represents the best possible outcome for creditors as well as securing the future of some of the stores.

“We understand this has been a difficult time for everyone involved and would like to thank all staff, customers and suppliers for their efforts and understanding throughout the administration process.”