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Bankrupt Paper Source Sets Sale to Apollo-Backed Lender

Paper Source, which has field for bankruptcy, intends to hand control of the business to an affiliate of MidCap Financial ....

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Paper Source latest national retailer to file for bankruptcy in Richmond

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. ....

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Paper Source Sets Sale to Apollo-Backed Lender in Bankruptcy

(Bloomberg) Paper Source Inc., the stationery and craft supplies chain, filed for bankruptcy with plans to sell itself after Covid-19 hampered expansion plans.The company intends to hand control of the business to an affiliate of MidCap Financial, a lending arm of Apollo Global Management, in exchange for debt forgiveness, court papers show. Paper Source owes about $103 million to lenders, including more than $55 million under a first-lien term loan.Paper Source, which has 158 stores across the U.S., expanded its reach last March when it bought about 30 stores from rival chain Papyrus out of bankruptcy. Less than three weeks later, Paper Source temporarily shut down all of its own stores, which generated more than 80% of sales in 2019.The company brought in gross sales of $104 million in 2020, down more than 30% from $153 million in 2019. In an attempt to preserve cash, Paper Source asked landlords for breaks on rent and stretched payment terms with vendors. Its rent concessions expi ....

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Paper Source files for bankruptcy, plans to sell itself to lenders

Paper Source files for bankruptcy, plans to sell itself to lenders
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Fidelity added 2,000 jobs last year - The Boston Globe

Fidelity added 2,000 jobs last year
Updated March 2, 2021, 8:06 p.m.
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FINANCE
Fidelity added 2,000 jobs last year
Boston-based Fidelity Investments added some 2,000 positions to the company in 2020, growing its global workforce by about 4 percent, to end the year with more than 47,000 employees, as the company reported record revenue and operating income during the COVID-19 pandemic. Net employment actually fell in Massachusetts, however, by about 200 jobs, or 3 percent, to more than 5,700, according to a Fidelity spokesman. Revenue at the privately held company, which manages mutual funds and provides benefits administration services, was up slightly for the year ($21 billion), as was operating income ($7.2 billion). Fidelity experienced dramatic increases in call and trading volumes in 2020, particularly during the market volatility and economic uncertainty spurred by the pandemic, chief executive Abigail Johnson said in her annual letter to ....

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