{"id":14211,"date":"2020-07-15T16:15:25","date_gmt":"2020-07-15T20:15:25","guid":{"rendered":"https:\/\/framinghamsource.com\/?p=14211"},"modified":"2020-07-15T16:15:26","modified_gmt":"2020-07-15T20:15:26","slug":"the-paper-store-files-for-chapter-11-bankruptcy","status":"publish","type":"post","link":"https:\/\/framinghamsource.com\/index.php\/2020\/07\/15\/the-paper-store-files-for-chapter-11-bankruptcy\/","title":{"rendered":"The Paper Store Files For Chapter 11 Bankruptcy"},"content":{"rendered":"\n<p><strong>[broadstreet zone=&#8221;53820&#8243;]<\/strong><\/p>\n\n\n\n<p>FRAMINGHAM &#8211; Acton-based The Paper Store filed for bankruptcy in U.S. District Court in Worcester on Tuesday, July 14.<\/p>\n\n\n\n<p>The specialty gift store chain, which operates 86 stores, is a family-owned company. The company furloughed almost 400 full-time and more than 550 part-time employees due to the pandemic.<\/p>\n\n\n\n<p>\u201cThe filing of these chapter 11 cases has been caused by the Covid-19 crisis,\u201d Chief Restructuring Officer Don Van der Wiel wrote in the court paperwork.<\/p>\n\n\n\n<p><strong>[broadstreet zone=&#8221;59983&#8243;]<\/strong><\/p>\n\n\n\n<p>\u201cIt is the hope and goal of the debtors, through the consummation of the anticipated going concern sale, to reemploy all of the approximately 2,000 employees who previously worked for The Paper Store,\u201d according to the court filing.<\/p>\n\n\n\n<p>The company is hoping for a cash-infused sale this summer.<\/p>\n\n\n\n<p>The Acton-chain listed Hallmark Cards as one its largest unsecured creditors at almost $1.3 million.<\/p>\n\n\n\n<p><strong>[broadstreet zone=&#8221;59984&#8243;]<\/strong><\/p>\n\n\n\n<p>The Paper Store was founded in 1964. The company had $167 million in revenues in 2019.<\/p>\n\n\n\n<p>The Paper Store has a location in Shoppers World in Framingham.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"487\" src=\"https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/02\/source.healthy.business.female.doctor.house_.ad_.2019-1024x487-1.jpg\" alt=\"\" class=\"wp-image-554\" srcset=\"https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/02\/source.healthy.business.female.doctor.house_.ad_.2019-1024x487-1.jpg 1024w, https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/02\/source.healthy.business.female.doctor.house_.ad_.2019-1024x487-1-300x143.jpg 300w, https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/02\/source.healthy.business.female.doctor.house_.ad_.2019-1024x487-1-768x365.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>***<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"368\" src=\"https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/07\/paper.store_.archive.jpeg\" alt=\"\" class=\"wp-image-14212\" srcset=\"https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/07\/paper.store_.archive.jpeg 640w, https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/07\/paper.store_.archive-300x173.jpeg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[broadstreet zone=&#8221;53820&#8243;] FRAMINGHAM &#8211; Acton-based The Paper Store filed for bankruptcy in U.S. District Court in Worcester on Tuesday, July 14. The specialty gift store chain, which operates 86 stores, is a family-owned company. The company furloughed almost 400 full-time and more than 550 part-time employees due to the pandemic. \u201cThe filing of these chapter [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14212,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[9],"tags":[4937,609,531,5002],"class_list":["post-14211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bankruptcy","tag-coronavirus","tag-shoppers-world","tag-the-paper-store"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Paper Store Files For Chapter 11 Bankruptcy - Framingham Source<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/framinghamsource.com\/index.php\/2020\/07\/15\/the-paper-store-files-for-chapter-11-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Paper Store Files For Chapter 11 Bankruptcy - Framingham Source\" \/>\n<meta property=\"og:description\" content=\"[broadstreet zone=&#8221;53820&#8243;] FRAMINGHAM &#8211; Acton-based The Paper Store filed for bankruptcy in U.S. District Court in Worcester on Tuesday, July 14. 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