Mar 02, 2021
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About this Deal
Paper Source, which sells greeting cards, paper goods and custom invitations, filed for Chapter 11 bankruptcy protection on Tuesday after sales plummeted due to the pandemic.
The move marks a reversal for a company that was expanding as recently as a year ago, having acquired some from its liquidating rival Papyrus right before COVID-19 hit.
It also marks another setback for the greeting card industry, which has been slumping in recent years amid the rise of digital competition.
Chicago-based Paper Source, which has about 1,700 employees, plans to close at least 11 of its 158 stores while attempting to secure rent concessions and evaluating other locations, according to a court filing.