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Chicago & Midwest  + Downtown  + Distressed Assets  | 

Retailer Paper Source Seeks Sale to Lenders in Chapter 11 Filing

Chicago-based omnichannel retailer Paper Source said Tuesday it would accept a stalking horse bid from a syndicate of lenders led by Apollo-backed MidCap Financial to purchase substantially all of its assets. To implement the proposed sale, the company voluntarily commenced Chapter 11 cases in the federal courts for the Eastern District of Virginia.

“We are very pleased to have the full support of our lenders led by MidCap Financial,” said Winnie Park, CEO of Paper Source. “The COVID-19 pandemic presented real challenges to our stores business, but this sale will help us to emerge stronger.”

All Paper Source stores will remain open across the country, although the company reportedly plans to close 11 of its 158 brick-and-mortar locations. The company, which sells cards, paper goods and gifts, acquired 30 store leases from rival Papyrus last year after Papyrus’ parent company declared bankruptcy.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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