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Paper Source to be acquired in Ch. 11 by owner of Barnes & Noble

Dive Brief:
Paper Source named Elliott Investment Management as the successful bidder in a process for the specialty retailer to sell itself in Chapter 11.
The deal includes $40 million in cash, plus additional cash for incremental financing taken on under Paper Source s debtor-in-possession facility, as well as assumed first-lien debt totaling $51.6 million, according to court papers.
Elliott also owns Barnes & Noble, which the investment firm acquired in 2019, and the U.K.-based book chain Waterstones. Paper Source listed an affiliate of private equity and investment firm Apollo as a backup bidder.
Dive Insight:
Susan Lindstrom founded Paper Source in 1983 as a single store in Chicago to bring handcrafted paper goods from around the world to U.S. consumers. Lindstrom grew the retailer to 27 stores by 2007 before selling a majority stake to private equity firm Brentwood Associates, after which the retailer s expansion accelerated. ....

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Paper Source requests $1 million in bonuses amid bankruptcy as vendors languish without pay

Paper Source requests $1 million in bonuses amid bankruptcy as vendors languish without pay
Christine Haughney and Liz Brown-Kaiser and Christian Peña
© Provided by NBC News
In the heart of the pandemic, when thousands of the nation’s retail stores were closed, the stationery chain Paper Source paid its top seven executives a combined $1.47 million in bonuses. Now that the company is in bankruptcy, its executives are seeking an additional $1 million in potential bonuses at the same time that many of the vendors it works with largely greeting card companies run by women are struggling to be repaid as little as $5,000. ....

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This Beloved Brand Is Closing 122 Stores

This Beloved Brand Is Closing 122 Stores
Sarah Crow
© Provided by Best Life
woman buying kids clothes in mall store
With fewer people shopping brick-and-mortar stores amid the pandemic, the retail industry is having a hard time rebounding. However, it’s not just mom-and-pop shops that have had to shutter due to financial pressure brought about by the pandemic a number of major chains have been forced to make tough decisions to stay afloat. Now, beloved children’s retailer The Children’s Place has announced plans to close 122 stores in 2021 amid sales losses. And for some shopping experiences you’ll never have again, This Beloved Chain Is Closing All Its Stores. ....

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This Popular Snack Company Just Filed for Bankruptcy

This Popular Snack Company Just Filed for Bankruptcy
Sarah Crow
© Provided by Best Life
friends sharing some wine, fruit, and cheese at a dinner party
Yet another popular company is attempting to find its financial footing amid the fallout of the COVID-19 pandemic. Beloved snack company Peeled Snacks filed for bankruptcy in Wilmington, Delaware on March 3,
The Wall Street Journal reports. The brand, known for its dried fruit and fruit crisps, had experienced a significant dip in sales related to lower traffic in airports and fewer children in schools, two places essential to the company’s sales figures prior to COVID, according to the brand’s bankruptcy filing. ....

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This Popular Gift Store Just Filed for Bankruptcy

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

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