The parent company of Barnes & Noble (New York), Elliott Investment Management (New York), has acquired Paper Source (Chicago), a gift and stationery retailer, according to CNBC. Through the acquisition, Paper Source will be able to emerge from Chapter 11 bankruptcy.
Weeks before March 2020, Paper Source had purchased 30 locations from Papyrus, its competitor. The company then filed for bankruptcy March 2 and ultimately had to reduce the pay of its senior managers, cut jobs and close some locations. Moving forward, the retailer will operate 130 U.S.-based locations. It will also continue to oversee its wholesale division and website.
Though both retailers will continue to operate independently for now, Barnes & Noble CEO James Daunt will oversee both companies.