Is Paper Source going out of business

The company intends to hand control.Along with its stores, paper source has a substantial wholesale business and designs roughly 40% of its.New york (cnn business) papyrus, a mall staple that's best known for selling stationery and upscale greeting cards, is going out of business.A man walks past papyrus on the 100 block of s.Paper source, which sells greeting cards, paper goods and custom invitations, filed for chapter 11 bankruptcy protection on tuesday after sales plummeted due to the pandemic.

Its rent concessions expired in january of this year and suppliers became very anxious about the terms they were being asked to work under.During 2020, as paper source stores started to close, the company still paid its top five executives a combined $1.9 million in salaries, $560,000 in bonuses related to a deal with papyrus and a.