The Paper Store Completes Voluntary Chapter 11 in Under 50 Days; Business to Continue Family-Run Operations in the Northeast
ACTON, MA – In mid-July, The Paper Store, LLC ("The Paper Store" or the "Company"), 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. The new company is now known as TPS Group Holdings, LLC and continues to maintain The Paper Store brand as its consumer facing brand name.
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."
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."
About The Paper Store
TPS Group Holdings, LLC” , based in Acton, Massachusetts, is a leading specialty gift retailer with 86 stores located in the northeastern United States. Since its inception, the Company's mission has been to help their customers find unique gifts to celebrate all of life's occasions from humorous to heartfelt. The Company also believes in maintaining strong, local ties to the community thru various charitable endeavors. For more information, please visit https://www.thepaperstore.com.
About WS Development
WS Development develops, owns, manages, and leases an extensive portfolio of over 95 properties across the U.S. totaling more than 27 million square feet. Founded in 1990, WS is one of the largest privately-held retail developers in the country. At each of its properties, the company builds to own and commits to long-term investments by forging enduring relationships with the communities it serves.