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Pritzker tops the charts
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Elliott Advisors (UK) Limited: Paper Source to Be Acquired by Elliott
Elliott investment supports Paper Source for a bright future of its own and in teaming with Barnes Noble
Elliott Investment Management L.P. ( Elliott ) announces today that funds it advises have entered into a definitive agreement to acquire the assets and business operations of Paper Source Inc.
The acquisition of Paper Source by Elliott allows the stationery and gift retailer to emerge from Chapter 11 with the support of a well-capitalized owner committed to the development and growth of the business. Following the Chapter 11 process, Paper Source will benefit from significantly less debt on its balance sheet. It will operate from approximately 130 stores across the US, from Papersource.com, as well as its wholesale division, Waste Not Paper by Paper Source.
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.