FRAMINGHAM – In mid-July, The Paper Store, LLC, a 55-year-old family-run and operated gift retailer in the Northeast, pursued a Chapter 11 financial restructuring due to the impact of COVID-19 regulations shuttering their 86 store locations for months.
On Tuesday, the business successfully emerged from bankruptcy alongside a group of strategic investors led by principals of WS Development, a national retail real estate development firm that owns, manages and leases an extensive portfolio of over 95 properties totaling more than 27 million square feet.
During the progression of the Chapter 11 events, the Company continued to operate the business and worked with its stakeholders to ensure ongoing obligations were met and services were uninterrupted – allowing The Paper Store customers to continue enjoying their neighborhood specialty gift store.
“The Paper Store could not have successfully navigated this process without the support of our dedicated, hardworking, and motivated staff, as well as principals of WS Development who made a meaningful commitment to our future and have allowed for our family-run business to continue serving our communities,” said Tom Anderson, CEO and President of The Paper Store. “We also cannot express enough appreciation for our beloved customers – they have stuck by us for years and continued to do so during these uncertain times.”
There is a Paper Store in Shoppers World in Framingham.
The Paper Store principals are embracing what lies ahead for the business – to continue offering guests a unique shopping experience where they can find a gift for everyone on their list while providing a safe environment for them to shop comfortably. Anderson added, “We understand our customers have choices and we are encouraged and flattered that they choose The Paper Store. As our business grows in the coming months, it’s these same customers who will continue to help shape our brand. The product offerings and trends that we bring into our stores and online at thepaperstore.com are fueled by what our customers need and how they prefer to shop for it. We are honored to be their one-stop-shop for the ‘new normal’ essentials and more.”
The Paper Store is one of the Northeast’s largest family-run Hallmark Gold Crown retailers, with 86 stores and a thriving eCommerce business. Since its inception, the Company’s mission has been to help its customers find unique gifts to celebrate all of life’s occasions from humorous to heartfelt. The Paper Store has grown into a gift-giving mecca and its devout fan following is courtesy of the company’s ability to find the latest trends in fashion, home decor, accessories, PPE, jewelry and children’s toys. The Paper Store celebrates the art of gift giving with highly skilled gift specialists that aid shoppers in finding the perfect gift for themselves or a loved one. The Company also believes in maintaining strong, local ties to the community thru various charitable endeavors.