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Mar 02, 2021
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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.
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