Paper Source Files for Bankruptcy, Plans to Keep Most Stores Open During Proceedings
Retail TouchPoints
MARCH 3, 2021
Paper Source has filed for Chapter 11 bankruptcy and is hoping to sell the business, according to court filings. The retailer has received a stalking horse bid from its current lenders, led by MidCap Financial, that would provide $16.5 million in financing. Paper Source already has begun closing 11 of its underperforming locations but will keep the remaining 147 stores and its ecommerce site open throughout the bankruptcy proceedings.
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