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Brooklyn-based Greeting Card Giant American Greetings Posts Big Loss

Brooklyn-based American Greetings posted a painful loss for the last three months. The greeting cardmaker blamed a $50 million dollar loss last quarter in part on a tough market and tight sales. The company also took charges related to cost cutting measures - like cutting 275 jobs, 175 of those were local jobs. Earlier this month the company announced it sold off all of its retail stores.