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Popular gift chain Paper Source has just filed for bankruptcy and plans to close a number of its stores in the near future.

Disney will close dozens of its stores in North America this year while its theme parks are still being hampered by the pandemic.

Paper Source, which has field for bankruptcy, intends to hand control of the business to an affiliate of MidCap Financial

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 ov...

(Bloomberg) -- Paper Source Inc., the stationery and craft supplies chain, filed for bankruptcy with plans to sell itself after Covid-19 hampered expansion plans.The company intends to hand control of the business to an affiliate of MidCap Financial, a lending arm of Apollo Global Management, in exchange for debt forgiveness, court papers show. Paper Source owes about $103 million to lenders, including more than $55 million under a first-lien term loan.Paper Source, which has 158 stores across the U.S., expanded its reach last March when it bought about 30 stores from rival chain Papyrus out o...