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Paper Source files for Bankruptcy: What you need to know
Founded in 1983 by Susan Lindstrom, Paper Source, today filed for Chapter 11 bankruptcy in the eastern district of Virginia. Paper Source is a gift and stationery retailer primarily based in Chicago. The plan includes selling the company and close at least 11 stores. Currently, the company runs 158 stores and had total revenue of $153.2 million in 2019. However, with Covid 19, the company suffered lots of loss and have finally decided to file bankruptcy. Now, Paper Source is looking to hand over the reins of the company to the highest bidder, with the auction scheduled on April 21 and a sale hearing on April 30.