Former Paper Store seeks dismissal of Chapter 11 bankruptcy case

By Sarah Lizee

Olympia, Wash., Sept. 21 – TPS Oldco, LLC, formerly Paper Store, LLC, asked the U.S. Bankruptcy Court for the District of Massachusetts to dismiss its Chapter 11 case, according to a motion filed Tuesday.

The company said that since the closing of the sale of its assets, it has worked to wind down its estates and bring the bankruptcy case to a close.

“Throughout that time, the debtors have consistently indicated to the court and others that they intend to conclude these Chapter 11 cases by moving for a structured dismissal. That time has now come,” the company said.

The debtors have fully administered their estates and have no ongoing operations or business and do not generate any revenue.

Whatever assets remain in the estates, including the debtors’ remaining cash, are contractually required to be transferred to the buyer.

“It would be a waste of time and resources to attempt to confirm a plan of liquidation, and would only result in additional administrative expenses without any benefit to creditors,” the company said.

“Similarly, conversion of these Chapter 11 cases to Chapter 7 would be pointless and would also generate unnecessary administrative expenses as there are no remaining assets for a Chapter 7 trustee to administer or distribute to unsecured creditors.”

The Paper Store is an Acton, Mass.-based specialty gift retailer. The company filed bankruptcy on July 14, 2020 under Chapter 11 case number 20-40743.

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