IN BRIEF: Elliott makes winning bid to buy Paper Source out of bankruptcy reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Legal IN BRIEF: Elliott makes winning bid to buy Paper Source out of bankruptcy
Maria Chutchian
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A plaque is displayed at the entrance of the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, New York, U.S., January 9, 2020. REUTERS/Brendan McDermid
Greeting card and stationary retailer Paper Source has selected a $91.5 million bid from Elliott Investment Management LP to buy it out of bankruptcy.
Paper Source, represented by Willkie Farr & Gallagher, announced that Elliott had the winning bid at a bankruptcy auction in court papers filed on Monday. Elliott, which owns Barnes & Noble, said in a statement on Tuesday that it believes Paper Source and Barnes & Noble are highly complementary.
Agriculture
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2 days ago On Wednesday and Thursday, the defendants in the poultry workers class-action filed answers to the second amended complaint. The class-action, proceeding in the District of Maryland, alleges conspiracy between many different poultry producers nationwide in keeping wages artificially low in their production and processing farms and factories. The second amended complaint, as noted in a court ruling, did address some of the concerns regarding incomplete or vague complaints, properly categorizing the defendants as defendants instead of just as co-conspirators.
Due to the large variations in counts alleged against specific defendants, each of the defendants specifically denied the counts related to themselves. The defendants each also renewed their previous objections that the amended complaint failed to state a claim upon which relief could be granted.
SAGAM Securite Senegal gao.gov - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gao.gov Daily Mail and Mail on Sunday newspapers.
Paper Source latest national retailer to file for bankruptcy in Richmond
Mike Platania photo)
Looking to get well soon, a COVID-battered chain of stationery and greeting card shops with a location in Carytown has joined the wave of national companies to seek bankruptcy protection in Richmond.
Paper Source, a Chicago-based brand with more than 150 stores, filed for Chapter 11 on Tuesday in federal court in Richmond as it looks to get a handle on its debt by selling its assets while staying open for business.
It’s at least the eighth big out-of-town brand to come to Richmond for bankruptcy over the last 12 months, joining Guitar Center, J. Crew, Pier 1 Imports, Luxembourg-based telecom giant Intelsat, the parent company of clothing stores Ann Taylor, Loft and Lane Bryant, department store chain Lord & Taylor, and radio station giant Alpha Media.