Chicago, New York and London — Elliott Investment Management L.P., the owner of Barnes & Noble, plans to acquire the assets and business operations of Paper Source Inc., which will allow the stationery and gift retailer to emerge from Chapter 11 with the support of a well-capitalized owner. Paper Source has approximately 130 stores across the U.S.
Elliott is also the owner of Barnes & Noble, the leading bookseller in the U.S. with bookstores in every state. The businesses are highly complementary, with shared product ranges and a common commitment to excellent customer service. While the businesses will continue to operate independently, considerable opportunities exist for mutually beneficial retail partnerships.
Barnes & Noble has enjoyed a strong performance since its acquisition by Elliott in September 2019, overcoming a number of pandemic-imposed challenges. Elliott now looks forward to the continued progress of both retailers. James Daunt, CEO of Barnes & Noble, will have oversight responsibilities for both companies.
“I look forward to working closely with everyone at Paper Source,” Daunt says. “This is a wonderful brand, with a unique culture and community. With Paper Source’s management team, we will support and accelerate the brand’s strategic growth initiatives. Alongside this, the opportunities for Paper Source to work with Barnes & Noble are tremendously exciting for both businesses.”
Adds Winnie Park, CEO of Paper Source: “All of us at Paper Source are delighted with Elliott’s investment in the brand and look forward to working with them, and with James and the team at Barnes & Noble. I am so grateful for the community who have supported Paper Source through both the pandemic and the Chapter 11 process — our amazing teams, our incredibly loyal customers, landlords, and our partner and vendor community.”
Founded in 1983, Paper Source is a premier lifestyle brand that offers a curated selection of fine papers, gifts, crafts, party supplies, wrap, greeting cards and an exclusive collection of envelopes and cards. For more information, visit www.papersource.com.
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 has over 600 Barnes & Noble bookstores in 50 states. For more information, visit www.bn.com.
Elliott Investment Management L.P. manages more than $42 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.
SOURCE: Elliott Investment Management L.P.