Paper Source
 | |
| Company type | Private |
|---|---|
| Industry | Retail |
| Founded | Chicago, Illinois (1983) |
| Headquarters | 125 S Clark Street, Chicago, Illinois 60603 & 7801 Industrial Drive, Forest Park, Illinois 60130, U.S. |
Number of locations | 129[1] |
Key people | Jenica Myszkowski (CEO) |
| Owner | Elliott Management Corporation |
| Website | www |
Paper Source is a Chicago-based American retailer specializing in stationery and gifts. Its product range includes specialty papers, personalized invitations and announcements, greeting cards, gift wrap, paper crafting kits, party essentials, and customized stamps and stationery.[2]
The company was established in 1983 by Susan Lindstrom following her exposure to elegant stationery during a visit to Japan.[3] The inaugural Paper Source location was launched in Chicago's River North district to feature artisanal papers sourced globally.[2] Lindstrom stepped down from her role as Chief Creative Officer in 2009.
2007 Acquisition by Brentwood Associates
In 2007, Brentwood Associates acquired a controlling interest in the business and appointed Sally Pofcher as CEO. During her tenure, the store network expanded from 20 to 100 locations.
2013 Acquisition by Investcorp
Paper Source changed ownership to Investcorp in 2013.[4] By 2015, after inaugurating its 100th store, Paper Source appointed Winnie Park as CEO,[5] and established a significant warehouse facility located in Forest Park, Illinois.[6]
In March of 2020, Paper Source expanded by acquiring thirty retail locations from the bankrupt stationery chain Papyrus.[7] This acquisition increased the company's footprint to over 165 stores.
By March 2021, Paper Source initiated Chapter 11 bankruptcy proceedings.[8]
2021 Acquisition by Barnes & Noble
On May 11, 2021, media outlets announced that Paper Source had successfully exited bankruptcy through a purchase by Barnes & Noble. This transaction preserved approximately 130 retail locations along with around 1,700 jobs. James Daunt, CEO of Barnes & Noble, assumed leadership responsibilities for both organizations. Although the companies intend to maintain separate operations, there was an indication that collaborative opportunities might be explored down the line.
On June 25, 2021, Jenica Myszkowski was named CEO by James Daunt. Prior to this promotion, she held the position of Chief Operating Officer within the company.
Prominent Personnel
Meghan, Duchess of Sussex was employed as a calligraphy teacher at Paper Source’s Beverly Hills store between 2004 and 2005.
References
- ↑ "Paper Source Acquires 30 Papyrus Stores, Expanding Their Presence Amidst U.S. Retail Closures". PR Newswire. 2 March 2020. Retrieved 2020-11-09.
- ↑ 2.0 2.1 "About Us | Paper Source". www.papersource.com. Retrieved 2015-12-16.
- ↑ Hinton, Rachel (2017-08-21). "Paper Source founder Susan Lindstrom dead at 73". Chicago Sun-Times. Retrieved 2020-11-09.
- ↑ Tiffany Hsu (September 24, 2013). "Paper Source stationery company sold by SoCal private equity firm". Los Angeles Times. Archived from the original on November 3, 2013. Retrieved August 2, 2015.
- ↑ Park, Winnie. "Chief Executive Officer". LinkedIn.
- ↑ "Paper Source unveils new digs—and a new CEO". Crain's Chicago Business. 8 September 2015. Retrieved 2015-12-16.
- ↑ "Paper Source Acquires 30 Papyrus Stores, Expanding Their Presence Amidst U.S. Retail Closures". PR Newswire. 2 March 2020. Retrieved 9 November 2020.
- ↑ Hill, Jeremy (2 March 2021). "Paper Source Sets Sale to Apollo-Backed Lender in Bankruptcy". Bloomberg. Retrieved 3 March 2021.