Cleveland will no longer be home to the famous names Strawberry Shortcake and Care Bears. American Greetings today announced that the company has sold the rights to the popular franchises to Cookie Jar which is based in Toronto. American Greetings received $195 million in the deal.

Josef Mandelbaum of American Greetings said this in a press release put out by both companies involved in the deal:

"Strawberry Shortcake and Care Bears have been synonymous with American Greetings for more than 25 years and are beloved by all. We are very confident that Cookie Jar will be able to take these two properties to new heights. This is a great outcome for our company and shareholders that has allowed us to realize significant value from all of our past efforts in these properties."

The Strawberry Shortcake and Care Bears have been an enormous hit for the Cleveland based company this decade after being reintroduced this decade to a new generation. The company says that the popular children's brands accounted for $5 billion in sales since being relaunched in 2002.