Bankruptcy Law News

Papyrus Owner Approved to Liquidate Chain by End of February

Jan. 24, 2020, 10:21 PM

The Papyrus greeting card chain and its three sister companies won court approval to close all of their 254 stores by the end of February.

  • U.S. Bankruptcy Judge John Dorsey gave the chain’s owner SFP Franchise Corp. interim permission to finish the liquidation it began before filing for bankruptcy protection on Thursday
    • Company will return next month for final authority for the liquidation
  • Dorsey also said he would approve other routine bankruptcy actions requested by SFP, including to continue paying its 1,100 employees and to use cash being held as collateral to help fund operations until the shutdown is complete...

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