Barnes & Noble owner Elliott Investment Management is acquiring stationery retailer Paper Source out of bankruptcy. With the funding from the sale, Paper Source will be able to emerge from Chapter 11 proceedings. Though Barnes & Noble and Paper Source will operate independently, the same executive (Barnes & Noble CEO James Daunt) will oversee them both, leaving the way wide open for collaboration and partnerships in the future, potentially to the benefit of both the beleaguered retailers.
“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,” Daunt said in a press release.