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IN BRIEF: Elliott makes winning bid to buy Paper Source out of bankruptcy reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Legal IN BRIEF: Elliott makes winning bid to buy Paper Source out of bankruptcy
Maria Chutchian
2 minute read
A plaque is displayed at the entrance of the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, New York, U.S., January 9, 2020. REUTERS/Brendan McDermid
Greeting card and stationary retailer Paper Source has selected a $91.5 million bid from Elliott Investment Management LP to buy it out of bankruptcy.
Paper Source, represented by Willkie Farr & Gallagher, announced that Elliott had the winning bid at a bankruptcy auction in court papers filed on Monday. Elliott, which owns Barnes & Noble, said in a statement on Tuesday that it believes Paper Source and Barnes & Noble are highly complementary.
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 over the last 12 months, joining Guitar Center, J. Crew, Pier 1 Imports, Luxembourg-based telecom giant Intelsat, the parent company of clothing stores Ann Taylor, Loft and Lane Bryant, department store chain Lord & Taylor, and radio station giant Alpha Media.