Chicago, New York City and London — Elliott Investment Management LP, the parent company of Barnes & Noble, has entered into a definitive agreement to acquire the assets and business operations of Paper Source. The Seattle Times reports that the purchase price was approximately $91.5 million.
The acquisition will allow the Chicago-based stationery and party supplies retailer to emerge from Chapter 11 bankruptcy and to continue to operate 130 stores across the country, as well as its wholesale division, Waste Not Paper by Paper Source. James Daunt, CEO of New York City-based Barnes & Noble, will oversee daily operations of both companies.
While Paper Source and Barnes & Noble will continue to function as separate businesses, executives involved in the deal noted that the complementary nature of the two retail operations creates potential for future partnerships. Elliott Investment Management originally acquired Barnes & Noble in September 2019.