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Elliott invests in supporting Paper Source’s own bright future and cooperates with Barnes & Noble
Elliott Investment Management LP (“Elliott”) today announced that its proposed funding has reached a definitive agreement to acquire the assets and business operations of Paper Source Inc.
Elliott’s acquisition of Paper Source made the stationery and gift retailer stand out from Chapter 11. This company is well-capitalized and committed to business development and growth. In accordance with the Chapter 11 process, Paper Source will benefit from a significant reduction in debt on its balance sheet. The company will operate in Papersource.com’s approximately 130 stores across the United States and its wholesale division “Paper Source’s Waste Paper.”
Elliott is also the owner of Barnes & Noble, a leading bookseller in the United States, with bookstores in every state. These businesses are highly complementary, with a shared product range and a shared commitment to outstanding customer service. Although companies will continue to operate independently, there are still plenty of opportunities for mutually beneficial retail partnerships.
Since being acquired by Elliott in September 2019, Barnes & Noble has been performing strongly, overcoming many challenges brought about by the pandemic. Elliott is now looking forward to the continued development of the two retailers. James Daunt, CEO of Barnes & Noble, will be responsible for oversight of the two companies.
James Daunt, CEO of Barnes & Noble, said: “I look forward to working closely with everyone at Paper Source. This is a great brand with a unique culture and community. With the help of Paper Source’s management team, we will support and accelerate the development of the brand. Beyond the strategy, the opportunity for Paper Source to work with Barnes & Noble is very exciting for both companies.”
Paper Source CEO Winnie Park said: “Everyone at Paper Source is pleased with Elliott’s investment in the brand and looks forward to working with them and the team of James and Barnes & Noble. I am very grateful to the community for their adoption of the epidemic and Chapter 11 process. Provided support for Paper Source-our excellent team, our incredibly loyal customers, landlords and our partner and supplier community.”
Paul Best, Elliott’s portfolio manager and head of European private equity, said: “As the country’s leading professional retailer of stationery, cards and gifts, we see great potential in the Paper Source business. We look forward to working closely with the management team. , Positioning the brand in the pandemic to achieve sustained growth.”
About the paper source
Founded in 1983, Paper Source is a major lifestyle brand that provides a selection of high-end paper, gifts, crafts, party supplies, wrapping paper, greeting cards, and a unique collection of envelopes and cards. The mission of Paper Source is to inspire people to do some creative work every day. Paper Source provides creative aesthetics through unique palettes and proprietary designs hand-drawn by more than 1,000 artists and producers through its internal art and design team. all around the world. Paper Source is an iconic brand with approximately 130 stores in the United States, a direct-to-consumer e-commerce business, and a strong wholesale network.For more information, please visit www.papersource.com.
About Barnes & Noble
Barnes & Noble, Inc. is the largest retail bookseller in the United States and a leading retailer of content, digital media, and educational products. The company owns more than 600 Barnes & Noble bookstores in 50 states, as well as Nook Digital’s business and one of the premier e-commerce sites on the Web, BN.com. For general information about Barnes & Noble, Inc., please visit the company’s website: www.bn.com.
About Elliott
Elliott Investment Management LP manages more than $42 billion in assets. Its flagship fund, Elliott Associates, LP, was established in 1977, making it one of the oldest funds under continuous management. Elliott Fund’s investors include pension plans, sovereign wealth funds, endowments, foundations, funds, high-net-worth individuals and families, and company employees. Elliott Advisors (UK) Limited is a subsidiary of Elliott Investment Management LP
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