The company said it had reached a tentative deal to sell its assets as an operational business to MidCap Funding Investment XI LLC, an affiliate of MidCap Financial Trust, or a higher bidder if one emerges.įounded by Susan Lindstrom in 1983 as a single store selling handcrafted paper, Paper Source had grown into 27 locations by the time she sold a majority stake to private equity firm Brentwood Associates.Īfter that deal, Paper Source expanded quickly, reaching 51 locations by 2011.ĬEO Winnie Park told USA TODAY in early 2019 that the company had 128 locations after adding 50 over the previous five years. "However, as with many other retail brands, (Paper Source has) sustained deep damage to their finances and operations as a result of the ongoing COVID-19 pandemic." ![]() Winter storm fallout: Texas electricity provider files Chapter 11 bankruptcyīefore COVID-19, the company "had been enjoying rapid expansion and sustained sales growth, and had recently undertaken a significant acquisition," chief financial officer Ronald Kruczynski said in a court filing. Volvo to go all electric: Automaker plans to sell only electric vehicles by 2030 ![]() It also marks another setback for the greeting card industry, which has been slumping in recent years amid the rise of digital competition.Ĭhicago-based Paper Source, which has about 1,700 employees, plans to close at least 11 of its 158 stores while attempting to secure rent concessions and evaluating other locations, according to a court filing. The move marks a reversal for a company that was expanding as recently as a year ago, having acquired some from its liquidating rival Papyrus right before COVID-19 hit. ![]() Paper Source, which sells greeting cards, paper goods and custom invitations, filed for Chapter 11 bankruptcy protection on Tuesday after sales plummeted due to the pandemic. Watch Video: Shopping: These retailers will either make it or break it in 2021
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