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Paper Retail Acquisitions

Paper Source is Likely to Be Sold to Elliot Investment Management

— May 11, 2021 — Business
Paper Source, which recently had to be sold in Chapter 11, announced that it will be acquired by Elliott Investment Management after it was successful in the bidding process.

The deal includes $40 million in cash and also $51.6 million as first-lien debt. Elliott Investment Management had also acquired Barns & Nobel in 2019. Paper Source was initially started by Susan Lindstrom in 1983, where the company was one retail location in Chicago selling handcraft paper in the United States and around the world. The company had a total of 27 locations in 2007 and it was in an expansion phase at the onset of the pandemic.

The Paper Source acquisition will now have to be approved by a federal bankruptcy court.

Image Credit: Shutterstock
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