Paper Source Files for Bankruptcy

I wanted to share this quick, informational podcast episode on the recent announcement from Paper Source about them filing for bankruptcy on March 2, 2021.

In the last few weeks, members of our community have shipped hundreds of thousands of dollars worth of products to Paper Source. Paper Source placed large orders ($9K, $15K, etc) from small independent businesses and in many cases asked companies to move up their ship dates (send them sooner). With the recent news, this is a huge hit to independent brands who now don’t know if they will get paid.

I’m not an attorney nor do I have experience with bankruptcy but in this episode, I am sharing some thoughts and advice I have for those affected by this news.

This industry is strong. And, we will get through this.

shop direct with small manufacturers:

You can find a list of brands that have been affected by the Paper Source Bankruptcy here on our Instagram feed. If you or someone you know has been affected, please ask them to add a comment so our followers can support them.

shop direct with small brick & mortar shops who buy from our community:

The independent brick & mortar shops tagged in this instagram post purchase products from our community of small artists & designers. So, when you shop with them, you’re also supporting the makers / artists they buy from! Please share your favorite local shops on this post!

Attorney recommendations:

Several members of our Proof to Product community have been meeting with attorneys who specialize in Bankruptcy Law to identify the best option for moving forward. Hiring an attorney and determining next steps for your particular business is a very personal thing. Please be sure to do your homework and ask questions before signing with an attorney or proceeding with the claims process.

Steel Petal Press has arranged for a group rate with Barbara Yong who will help file claims, answer questions and guide business owners through the bankruptcy process.

Several stationery brands with complex legal needs (future POs, multiple claims, etc) are using Jennifer McLain McLemore

Please reach out to these attorneys directly for information on their services, rates and whether they would be a good fit to help you with your specific circumstances.

INDUSTRY DATA COLLECTION:

Alex Gagne Glover is collecting information from brands who have unpaid Paper Source POs. The data will be used to identify the larger scope and impact on small businesses — how many businesses, how much money is owed and logistics about PO dates, etc. Please see this link for more information, if you’d like to participate.

Disclaimer: Content on this page is intended to be used for informational purposes only. We are not collecting data, we are not attorneys, we are not offering legal advice and we have not worked with the attorneys mentioned here. We are simply sharing information from our community that may be of help to others outside of our community.

Connect with Katie Hunt

Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.

Website: prooftoproduct.com | Instagram: @prooftoproduct